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Trump’s nominated Secretary of State, Rex Tillerson and Exxon Mobil agree to sever all ties

Wednesday, January 4, 2017 6:49
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As he awaits Congressional confirmation of his appointment as incoming US President Donald Trump’s Secretary of State, Rex Tillerson and Exxon Mobil Corp (NYSE:XOM) have agreed to sever all ties.

Tillerson, the oil giant’s former chairman and chief executive has agreed the move in order to comply with conflict-of-interest requirements.

If his appointment is confirmed, the company said, the more than 2 million deferred Exxon Mobil shares – worth around US$180mln – that Tillerson would have received over the next 10 years will be transferred to an independently managed trust.

It added that the share awards will be cancelled and Tillerson will also surrender entitlement to more than US$4.1mln in cash bonuses, scheduled to pay out over the next three years, as well as other benefits.

Tillerson also committed to the State Department that, if his appointment is confirmed, he would sell the more than 600,000 Exxon shares he currently owns, the company said.

It added that the net effect of the agreement is a reduction of approximately US$7mln in compensation owed to the oil firm’s former boss.

Tillerson retired on December 31 after more than 40 years of service with Exxon Mobil.

Story by ProactiveInvestors

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