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Tillerson leaving Exxon with $180 million retirement package
– NEW YORK — Rex Tillerson will get a $180 million retirement package from Exxon Mobil Corp. if he is confirmed as President-elect Donald Trump’s secretary of state.Tillerson will give up more than 2 million Exxon shares he would have received over the next 10 years.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. .
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. .
Tillerson Taps Wilmer for Advice on Shedding Exxon Ties
– Your article was successfully shared with the contacts you provided.Backed by a legal team from Wilmer Cutler Pickering Hale and Dorr, U.S. Secretary of State nominee Rex Tillerson laid out his answer this week to critics who claimed his financial ties to Exxon Mobil Corp. would create untenable conflicts of interest if he’s confirmed. .
– 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. .