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The Associated Press April 4, 2011, 1:46PM ET

Chevron approves raises for top execs

Chevron Corp. said Monday its board of directors has approved pay increases for the company's top executives.

Chairman and CEO John Watson received a $100,000 raise, bringing his base salary to $1.6 million. The board also agreed to boost performance-based incentive awards for Watson.

Chief Financial Officer Pat Yarrington was given a $60,000 raise to bring her base salary to $860,000 and George Kirkland, Chevron's vice chairman and executive vice president, received an increase of $100,000 to bring his base salary to $1.3 million.

The salary increases, effective April 1, are only a portion of the compensation that each executive receives. Executives typically receive company stock, cash bonuses, perks and other forms of compensation.

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