Print Edition - 2017-01-06  |  Money Digest

Tillerson severs ties with Exxon


Jan 6, 2017-

Secretary of State-designate Rex Tillerson has agreed to sever all ties with Exxon Mobil, putting deferred stock awards in an independently managed trust, the company he headed until last week said. The agreement was reached in consultation with federal ethics regulators to comply with conflict of interest requirements, it said in a statement late Tuesday. Under the arrangement reached with Exxon Mobil’s board of directors, Tillerson will place the value of some two million company shares that he would have received over the next ten years in an independently managed trust. He will give up $4.1 million in cash bonuses that had been scheduled to be paid out over the next three years, as well as other benefits. “The net effect of the agreement is a reduction of approximately $7 million in compensation owed to Tillerson,” the company said. (AFP)

Published: 06-01-2017 09:16

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