The former Exxon chairman and chief executive chosen by Donald Trump for US secretary of state will receive $180m to cut financial ties with the firm.
The arrangement will mean Rex Tillerson meets the conflict of interest requirements for the role, Exxon said.
The firm said it would cancel the two million shares Tillerson was due to receive as part of its executive pay programme and put the equivalent cash into an independently managed trust. Tillerson left Exxon on 31 December.
The payout, which will only take place if Tillerson is confirmed in the new role, is aimed at addressing concerns the former Exxon executive could favour the oil giant, or his own interests while in office.
The 64-year-old Texan worked for Exxon Mobil for 40 years, including in the US, Yemen and Russia. His nomination has come under intense scrutiny over his perceived close ties with Russian President Vladimir Putin, and for the potential benefits for Exxon and the oi l industry more broadly if he presides over the State Department.
Tillerson was due to retire in March this year, but the date was brought forward to 31 December after he was nominated by President-elect Trump. Exxon said the independently managed trust would be banned from investing in Exxon shares but could still buy other assets. BBC News
0 comments: