According to reports Exxon Mobil Corporation (NYSE:XOM)- and Rex Tillerson have settled to cut all ties to comply with conflict-of-interest necessities as the company’s former chairman and chief executive. Rex Tillerson is also a President-elect Donald Trump’s nominee for secretary of state.
Meanwhile, the company said in a statement, on confirmation of his appointment, the price of more than 2 million postponed Exxon Mobil stock which are priced at about $182 million at last closing price that Tillerson would have received over the next decade will be shifted to an autonomously managed trust.
Furthermore Exxon Mobil said, the share awards will be negated and Tillerson will also submit entitlement to above $4.1 million in cash bonuses, planned to pay out over the next three years, and other benefits.
The company also said in separate statement that Tillerson also committed to the State Department that, on confirmation, he would sell the more than 600,000 Exxon shares he currently possesses.
More over Exxon also said in December that its president, Darren Woods, will become chief executive and chairman in January following the departure of Tillerson.
Tillerson however could face a wobbly confirmation process, given worries among both Democrats and Republicans about his ties to Russia.
Exxon stock has gained 6.5 percent since election results of Nov. 8 up to Tuesday’s close of $90.89.