NEW YORK (AP) - 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.
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.