Tillerson to Cash Out Quarter-Billion Dollar Exxon Nest Egg
- Former CEO to shift $240 million to trust if confirmed
- Tillerson to lose about $7 million in total Exxon compensation
Rex Tillerson Has Stakes in Some of Exxon’s Competitors
Rex Tillerson will relinquish control of a quarter-billion dollar nest egg amassed over four decades at Exxon Mobil Corp. to avoid a conflict of interest during his confirmation hearings to become U.S. President-elect Donald Trump’s secretary of state.
If confirmed, the former Exxon chairman and chief executive officer will convert about 2 million deferred shares to cash that will be surrendered to an independently managed trust, the company said in a statement dated Tuesday. Tillerson also will sell more than 600,000 shares he already owns in North America’s largest oil explorer, abandon $4.1 million in cash bonuses he would have been paid over the next three years and take a $3 million haircut on the restricted stock payout.