Rex Tillerson earns $ 180 million to cut Exxon ties
Former President and CEO of Exxon selected by Donald Trump to the US Secretary of State will receive $ 180 million to cut the financial ties to the company.
The agreement means that Rex Tillerson meet the conflict of interest requirements for the role, Exxon said.
The firm said it would cancel the two million shares Tillerson was to receive as part of its executive compensation and cash equivalents program placed in an independently administered trust fund. Tillerson left Exxon 31 December.
The payment, which will only take place if Tillerson is confirmed in the new role, is to address concerns that the former Exxon executive might favor the oil giant, or their own interests while functioning.
64 Tejano worked for Exxon Mobil for 40 years, including the United States, Yemen and Russia. His appointment was scrutinized under scrutiny for their close ties with Russian President Vladimir Putin, and the potential benefits for Exxon and the industry in general, if the head of the State Department.
Tillerson was due to retire in March this year, but the date was moved to December 31, after he was appointed by President-elect Trump. Exxon said the independent trust would be banned from investing in Exxon shares but could buy other assets.