ExxonMobil Corporation, represented by
its board of directors, has reached an agreement with a former chairman
and chief executive officer of the company, Rex W. Tillerson, to sever
all ties with the company to comply with conflict-of-interest
requirements associated with his nomination as US Secretary of State.
United States’ President-elect Donald Trump had announced the nomination of Tillerson for the post of the Secretary of State.
The Irving, Texas-based company said in a
statement that under the agreement, which was developed in consultation
with federal ethics regulators: “If Tillerson is confirmed as secretary
of state, the value of more than two million deferred ExxonMobil shares
that he would have received over the next 10 years would be transferred
to an independently managed trust and the ExxonMobil share awards would
be cancelled.”
The net effect of the agreement,
according to the statement by the company, is a reduction of
approximately $7 million in compensation owed to Tillerson, who retired
on December 31, 2016, with more than 40 years of service with
ExxonMobil.
By Ejiofor Alike/Thisdaylive
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