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Wednesday, March 14, 2018
Rex Tillerson, the former ExxonMobil Corp CEO, has been replaced as US Secretary of State by the country’s president, Donald Trump. Trump gave no reason for the replacement in a statement on Twitter.
Tillerson is being replaced by Mike Pompeo, director of the Central Intelligence Agency, as the US Secretary of State.
Tillerson spent four decades with the US supermajor before taking on the role of the US’ top diplomat. According to various reports surrounding Tillerson’s appointment as Secretary of State, he did so reluctantly and only at the urging of his wife.
Do not expect to see Tillerson back in the oil and gas arena, as the terms of his compensation package state that he would forfeit roughly $180 million in deferred compensation if he goes to work for a competitor.
When Tillerson became employed by the US government he surrendered his stock awards in exchange for a cash payment to an independently managed trust, which then distributes money to Tillerson according to a schedule that mirrors ExxonMobil’s vesting schedule, which can last as long as 10 years. A provision of the ethics agreement says that Tillerson must give up any undistributed assets in the trust if he becomes employed by or provides services to “a company in the oil and gas industry or the oil and gas services industry.” The terms cover being a consultant, contractor, director or paid employee.
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