Exxon Mobil CEO Rex Tillerson, who was recently nominated as Donald Trump’s Secretary of State, announced he will be cutting ties with the company in order to avoid any conflict of interests. But Exxon is making sure Tillerson doesn’t suffer too huge of a monetary hit, for they’re handing him a $180 retirement package.
Tillerson’s hefty retirement is nothing new, as the Exxon Mobil CEO would have reached mandatory retirement age in March, as reported by NPR. If Tillerson’s nomination is confirmed, Exxon will take the previously allocated 2 million unvested shares Tillerson would receive (which he would have vested a 10 year period) and transfer them into a trust. He also owns about 600,000 vested shares that add up to about $54 million. Tillerson also said he will not return to the oil and gas industry for another decade if he is confirmed.
Tillerson’s smooth exit from Exxon is a bit different from Trump’s, who has been coy in regards to how he will separate from his business ties when he enters the White House. Despite his efforts to increase transparency, Tillerson may face an uphill battle for confirmation, as he had close ties to Russian President Vladimir Putin. And this may grow even more awkward, given that the U.S. will level sanctions against the country, something that Tillerson has objected to in the past.
(Via MarketWatch & NPR)