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Exxon Mobil, Tillerson agree to cut all ties

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Tillerson leaves Exxon with $180 million retirement package

Tillerson leaves Exxon with $180 million retirement package*/

– NEW YORK — Rex Tillerson, the nominee of President-elect Donald Trump for secretary of state, is severing ties with Exxon Mobil through a $180 million retirement package one week before his Senate confirmation hearing begins.RELATED LINKSTillerson will surrender, if confirmed, all unpaid stock that was part of his pay package, more than 2 million shares.In exchange, the company will make a cash payment equal to the value of those shares to a trust to be overseen by a third party, according to a regulatory filing Wednesday with the Securities and Exchange Commission.
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Exxon Mobil, Tillerson agree to cut all ties

Exxon Mobil, Tillerson agree to cut all ties*/

– FILE PHOTO – Chairman and chief executive officer Rex W. Tillerson speaks at a news conference following the Exxon Mobil Corporation Shareholders Meeting in Dallas, Texas, May 28, 2008.REUTERS/Mike Stone/File Photo(Reuters) – Exxon Mobil Corp and Rex Tillerson agreed to sever all ties to comply with conflict-of-interest requirements as the company’s former chairman and chief executive awaits confirmation as U.S. secretary of state.If his appointment is confirmed, the value of more than 2 million deferred Exxon Mobil shares (worth about $182 million at Tuesday’s closing price) that Tillerson would have received over the next 10 years will be transferred to an independently managed trust, the company said in a statement.
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