CABINET/REX TILLERSON/STATE: "Rex Tillerson, President-elect Donald Trump's nominee for U.S. secretary of state, is severing his ties with Exxon Mobil. The former chairman and CEO is in line to receive a $180 million retirement package.
Tillerson, who has spent his entire career at Exxon, would have reached mandatory retirement age in March. The company announced that it will pay him in cash for the more than 2 million shares he would have received over the next 10 years and that the money will be transferred to an independently managed trust.
If confirmed as secretary of state, Tillerson also has committed to sell the more than 600,000 Exxon shares he currently owns. The deal means he will give up about $7 million dollars, compared with what he would have received had he retired in March as planned.
The deal was worked out to comply with federal ethics rules. Tillerson has promised not to return to the oil and gas industry for 10 years. If he violates the agreement, he would forfeit all the money in the trust, which would be given away to charities chosen by the trust manager. All this is meant to reassure senators that Tillerson would not be unduly influenced by Exxon Mobil if he were to become America's top diplomat."
– “Rex Tillerson Cuts Ties With Exxon Mobil In Advance Of Confirmation Hearings,” NPR.com, Jan 4, 2017, Michele Kelemen, 1/4/2017