Rex Tillerson, former CEO of Exxon Mobil, has reached a retirement deal with the company.
According to the Texas Tribune, the deal would be worth about $180 million, if Tillerson is confirmed by the U.S. Senate as President-elect Donald Trump's Secretary of State. Also under the deal, the value of about $2 million in Exxon shares that Tillerson would have received over the next decade will be placed in an independently managed account.
Tillerson has also committed to selling the roughly 600,000 in Exxon shares that he currently holds. Tillerson has also agreed not to work in the oil and gas industry for ten years, if confirmed to the office.
Tillerson, a resident of Wichita Falls, retired from his role as Chief Executive Officer of Exxon Mobil on December 31, 2016.