Exxon Mobil CEO Rex Tillerson To Retire, To Be Replaced By Darren Woods

Exxon Mobil Corp. said Wednesday Chairman and Chief Executive Rex Tillerson will retire at the end of the year after 41 years with the company. Tillerson, who President-elect Donald Trump nominated to be secretary of state, was scheduled to retire in March 2017, but decided to move up the retirement given the requirements associated with the confirmation process. The oil giant said President Darren Woods has been elected chairman and CEO, effective Jan. 1. Woods, who has been president since January, had joined the company in 1992. Exxon Mobil's stock was down 2.4% in afternoon trade, amid a sharp selloff in crude oil futures . The stock was still up 5.9% since the election, while the Dow Jones Industrial Average has gained 7.9%.