Above Photo: From dailymail.co.uk
…As He Prepares For Senate Confirmation Battle
Note: Rex Tillerson is cutting his ties to ExxonMobil due to the potential conflicts of interest between Exxon Mobil and US foreign policy. But, this $182 million golden parachute from the corporation to Tillerson undermines efforts to avoid conflicts of interest. After receiving that huge sum from Exxon Mobil, whose interests will Tillerson represent at the State Department — Exxon Mobil’s or the United States. This looks like a pay-off from ExxonMobil, no doubt the obvious will be denied even though it stares everyone in the face people pretend it is not there. Corruption reigns. Maybe people will see it when gas is $5 a gallon — that people can see. KZ
$182 Million in ExxonMobil Shares Will Be Transferred To An Independent Trust
- Rex Tillerson is leaving his ExxonMobil CEO job to become secretary of state
- He will get a $182 million retirement package
- The payout consists of the value of shares of stock that he would have received over the next 10 years
- It will all be put into a blind trust
- Tillerson is also forgoing $7 million in additional compensation
Rex Tillerson, the nominee of President-elect Donald Trump for secretary of state, is severing ties with Exxon Mobil through a $182 million retirement package ahead of his Senate confirmation hearing.
Tillerson was expected to step down as CEO of Exxon Mobil Corp. in March when he turned 65, the company’s mandatory retirement age.
Exxon said in a regulatory filing Wednesday that Tillerson has agreed to give up approximately 2 million unvested shares.
If his appointment is confirmed, the value of those shares – worth about $182 million 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 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.
Tillerson, who worked for Exxon for more than 40 years, is giving up about $7 million in compensation and benefits that he would have received if he had he stayed until March.
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 percent since election results of Nov. 8 up to Tuesday’s close of $90.89.