FILE PHOTO - Chairman and chief executive officer Rex W. Tillerson
speaks at a news conference following the Exxon Mobil Corporation Shareholders
Meeting in Dallas, Texas, May 28, 2008. REUTERS/Mike Stone/File Photo
Exxon Mobil Corp and Rex Tillerson agreed to sever all
ties to comply with conflict-of-interest requirements as the company's former
chairman and chief executive awaits confirmation as U.S. secretary of state.
If his appointment is confirmed, the value of more
than 2 million deferred Exxon Mobil 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.
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.
(Reporting by Subrat Patnaik in Bengaluru; Editing by
Gopakumar Warrier)
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