Business Notes Compensation

It may not be the ultimate in golden send-offs, but Exxon is paying President Howard C. Kauffmann and a senior vice president, Donald M. Cox, both 62, a total of $2.87 million to take early retirement in May. Kauffmann, whose 1984 salary and bonus totaled $980,518, will receive a farewell stipend of $1.63 million. Cox, who was paid $715,127 last year, will receive a $1.23 million bonus.

Exxon explained that the golden send-off was its way of making room at the top. Since 1983, three members of the company's board of directors have / received similar payments. Said the company proxy statement, which was mailed to stockholders last week: "For many years the corporation has, from time to time, made compensatory payments to selected executives where the corporation would benefit as, for example, by the early retirement of an executive from a position which would provide an opportunity for executive succession planning." Senior Vice President Lawrence G. Rawl, 56, has been nominated as Kauffmann's successor. Exxon has not yet named Cox's replacement.