Retirement package from Exxon MobilFriday, January 6, 2017
Tillerson gets US$180 M
NEW YORK — Rex Tillerson will get a US$180 million retirement package from Exxon Mobil Corp. if he is confirmed as President-elect Donald Trump’s US secretary of state.
Tillerson will give up more than two million Exxon shares he would have received over the next 10 years. In exchange, the company will make a cash payment equal to the value of those shares to a trust to be overseen by a third party.
Exxon said Wednesday that Tillerson has already promised the State Department that he will sell another 611,000 shares he currently owns, worth about US$55 million, if confirmed. His Senate confirmation hearing begins next week. Tillerson’s move comes as pressure mounts on Trump to make clear how he would separate himself from his company.
Herald with AP