Exxon Mobil will transfer ex-CEO Rex Tillerson's unvested shares into an independently managed trust if he is confirmed as Secretary of State. Fred Katayama reports.
$182 million heading for Rex Tillerson's till. Exxon Mobil agreed to transfer the value of more than two million unvested shares its former CEO would've gotten over the next ten years to an independently managed trust if he is confirmed as Secretary of State. All this to avoid conflicts of interest. Exxon says he will surrender about $7 million in compensation he would've gotten had he remained. And separately, Tillerson has agreed to sell the more than 600,000 Exxon shares that he currently owns worth $54 million. University of Delaware finance professor and governance expert Charles Elson said, "Exxon was between a rock and a hard place. You've got potential conflict. They handled it the best way they could. This was not a rush; this was deliberative." Tillerson will be prohibited from working in the oil and gas industry during the 10-year payout period. Taking over for him this week as CEO: former president Darren Woods.