January 4, 2017 / 3:19 AM / 9 months ago

Exxon Mobil, Tillerson agree to cut all ties

Jan 3 (Reuters) - Exxon Mobil Corp said it reached an agreement with Rex Tillerson, its former chairman and chief executive, to cut all ties with the company to comply with conflict-of-interest requirements associated with his nomination as secretary of state.

If Tillerson’s appointment is confirmed, the value of more than 2 million deferred Exxon Mobil shares that he would have received over the next 10 years would be transferred to an independently managed trust and the share awards will be canceled, the company said.

Tillerson will also surrender entitlement to more than $4.1 million in cash bonuses and other benefits, the company said. (Reporting by Subrat Patnaik in Bengaluru; Editing by Gopakumar Warrier)

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