Exxon Mobil Corp. will pay incoming President Darren Woods a $1 million annual salary.

Woods, whose promotion takes effect on Jan. 1, was also awarded a $339,000 short-term incentive award, the Irving, Texas-based company said in a public filing on Tuesday. Half of the incentive award will be paid in cash and the rest in bonus units and stock.

Woods, 50, won’t receive any compensation for serving on the board of directors, according to the statement.

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