Secretary of State-designate Rex Tillerson will receive a $180 million retirement package from Exxon Mobil in order to completely separate himself from the oil giant before facing confirmation.
In a statement released Wednesday, Exxon Mobil said the agreement was worked out in talks between the company, Tillerson and federal ethics regulators. If Tillerson is confirmed as secretary of state, more than 2 million shares of Exxon Mobil stock he would have received during the next 10 years will be put into a trust.
Exxon Mobil stock was trading at just under $91 as of Wednesday morning.
Tillerson owns about 600,000 shares of Exxon Mobil stock that he would be required to sell if he is confirmed.
Tillerson’s trust would be independently managed and expressly banned from investing in Exxon Mobil. The independent trustee would consult with government ethics regulators to ensure the trust complies with all federal rules.
The agreement also requires Tillerson to not work in the oil and gas industry during the 10-year payout period. If he was to get a job in the industry, the money in the trust would be given to charity.
According to Exxon Mobil’s statement, Tillerson is giving up about $7 million in compensation from Exxon Mobil in the agreement.
He officially retired from the company on Dec. 31 after working there for more than 40 years.
