Rex Tillerson, former Exxon Mobil Corp. chief executive and President-elect Donald Trump's pick for U.S. secretary of state, will relinquish control of about $240 million in company shares if confirmed as he severs ties to comply with conflict-of-interest requirements.
If confirmed, Tillerson will sell the more than 600,000 shares he owns in the largest U.S. oil explorer and transfer the value of more than 2 million in deferred shares to an independently managed trust, Exxon said in a statement dated Jan. 3. The former CEO would have received the shares over the next 10 years. Tillerson will also surrender entitlement to more than $4.1 million in cash bonuses to be paid out over the next three years, with the total lost compensation reaching about $7 million, the company said.
To avoid a conflict of interest with the multinational corporation he's led since 2006, Tillerson, whom Trump named in December as his pick to lead the state department, would have needed to work out a resolution for the stock awards. Tillerson also needs sign off from the top U.S. government ethics agency.