Trump's Secretary of State candidate agrees to cut ties with Exxon Mobil if confirmed

dimeji akinloye

January 4, 2017 10:53 AM

If his appointment is confirmed, Tillerson's share awards will be canceled and he'll also surrender entitlement to more than 4.1 million dollars in cash bonuses.

Rex Tillerson currently oversees ExxonMobil's business activities in more than 50 countries

If his appointment is confirmed, the value of more than two million deferred Exxon-Mobil-shares [worth about 182 million dollars 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.

The share awards will be canceled and Tillerson will also surrender entitlement to more than 4.1 million dollars in cash bonuses, scheduled to pay out over the next three years, and other benefits, Exxon Mobil said.

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

Exxon said last month its president, Darren Woods, will become chief executive and chairman in January following the retirement of Tillerson.

Tillerson could face a rocky confirmation process, given concerns among both Democrats and Republicans about his ties to Russia.

Exxon stock has gained 6.5 per cent since election results of Nov. 8 up to Tuesday’s close of 90.89 dollars.

dimeji akinloye