Rex Tillerson, the nominee of President-elect Donald Trump for secretary of state, is severing ties with Exxon Mobil through a $180 million retirement package ahead of his Senate confirmation hearing.
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Tillerson was expected to step down as CEO of Exxon Mobil Corp. in March when he turned 65, the company's mandatory retirement age. Exxon said in a regulatory filing Wednesday that Tillerson has agreed to give up approximately 2 million unvested shares. In exchange, the company has agreed to make a cash payment equal to the value of those shares into a trust.
Tillerson, who worked for Exxon for more than 40 years, is giving up about $7 million in compensation and benefits that he would have received if he had he stayed until March.