Exxon Mobil Corp. and Tillerson Agree to Sever All Ties

Company - Pavan Pandey - Jan 05,2017

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exxon mobil corp and tillerson agree to sever all ties

Mr. Rex Tillerson (Donald Trump’s preferred choice to lead the State Department) reached an agreement to sever his financial ties with Exxon Mobil Corp.

Mr. Rex Tillerson, the former Chief Executive Officer and chairman of Exxon awaits authorization as US secretary of State.

According to the statement by Exxon Mobil Corp., if Mr. Tillerson’s appointment is confirmed, the worth of more than 2 million deferred oil and gas company shares that he would have received over the subsequent 10 years will be transferred to an autonomously managed trust.

The corporation further stated that the share awards will be canceled and Mr. Rex will also surrender entitlement to more than 4.1 million dollars in cash gratuities, which is scheduled to submit out over the next three years.

According to a statement by the company, Mr. Tillerson also committed to the State Department that, if decided, he would sell more than 600,000 stocks of Exxon which he presently owns.

Last month, Exxon Mobil Corp. said the company’s President, Mr. Darren Woods, will become the chairman and chief executive officer in January following the retirement of Tillerson.

Former Exxon CEO and Chairman, Mr. Rex could face a rocky authorization process, given concerns amid both Republicans and Democrats about his ties to Russia.

Mr. Rex Tillerson started his career at Exxon Mobil Corp. as a production engineer straight out of the University of Texas at Austin in the year 1975. In 2006, Tillerson replaced longtime Chief Executive Officer Lee Raymond and led the corporation during one of the most tempestuous periods in its history, which included the 2008 financial crisis, and a breakdown in oil rates since the mid of 2014 that has sharply weakened Exxon Mobil Corp’s returns.