Exxon Mobile and Mr. Tillerson- Chairman and CEO of the company cut all ties

Mr. R. Tillerson agreed to cut all ties with Exxon Mobile Corp, this move is to avoid conflict of interests as Mr. Tillerson is most likely to become the new U.S secretary of state.

If and when the appointment will be confirmed, he will have to hand over to an independently managed trust, the value of more than 2 million deferred Exxon Mobil shares, shares that Tillerson would have received over the next 10 years.

On top of this, Exxon Mobile said that the shares awards will be nullified and Tillerson will also have to transfer quota to more than $4.1 million in cash bonuses and other benefits that he was meant to receive over the next three years.

On a separate note, the company also states that if Tillerson is confirmed, he had pledged to the State Department that he would sell more than 600.000 Exxon shares he owns presently.

Exxon also announced last month that following Tillerson’s retirement in January, Darren Woods is to become the new Chairman and Chief Executive of the company.

The new appointment of Mr. Tillerson sparkles some concerns from Democrats to Republicans, due to his ties to Russia and it will probably give way to a rocky confirmation process.

Anyhow, Exxon stock has obtained 6.5 percent since the Presidential election of Nov. up to Tuesday’s end of play of $90.89.

 

Sources: http://www.reuters.com/article/us-exxon-mobil-tillerson-idUSKBN14O08N

AND

http://www.cnbc.com/2017/01/04/exxon-mobil-tillerson-agree-to-cut-ties.html

 

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