Tillerson and Exxon part ways, 180 Million Retirement Plan

[Stuart G]

Source: Houston Chronicle

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 one week before his Senate confirmation hearing begins.

Tillerson will surrender, if confirmed, all unpaid stock that was part of his pay package, more than 2 million shares. In exchange, the company will make a cash payment equal to the value of those shares to a trust to be overseen by a third party, according to a regulatory filing Wednesday with the Securities and Exchange Commission.

Because of the way the compensation is being dispensed, Tillerson will give up about $7 million, compared with what he would have been paid had he retired in March as he had planned to do before the nomination.

Tillerson, who worked for Exxon for more than 40 years, would have reached the company's mandatory retirement age of 65 by March, after which he would have received the payout from Exxon over a period of 10 years.


Read more: http://www.houstonchronicle.com/news/politics/article/Tillerson-and-Exxon-part-ways-180M-retirement-10834168.php

[Roy Rolling]

1. Wel, that does it

No more conflict of interest now that Exxon has paid him $180 million.

"Rich people can't be corrupted, they don't care about money."

Except if they have to pay taxes. Then they care a lot.

[yeoman6987]

4. Funny they mention losing 6 million

As if after earning 150 million, 6 million is a lot.

[BeyondGeography]

2. This way, he won't owe them a dime

[Mc Mike]

3. Shades o Cheney.

[pangaia]

5. He is giving up $7 million!!!

Oh the poor man..

[ronnie624]

6. NO ONE invests enough personal energy into the economic structure,

to justify that sort of return. NO ONE.

I impatiently await the day, when enough people see the insane injustice of our current economic order, to allow the desparately needed reform.

[Stuart G]

12. Let's see....Jimmy Carter, former president: $517,000...per year..Tillerson:... 180,000,000 total

Carter has a reputation for helping people all over the world. Especially poor people..(no housing, disease, etc)

Tillerson: CEO of an oil company that is fundamentally selfish. existing for itself, and its stockholders..

Your point about.."insane injustice of our current economic order" is true and exceptional.

Thank You for posting it. Hat is off to you....

[turbinetree]

7. This should be introduced into the confirmation hearings--------

[Hortensis]

8. Mandatory retirement this year. Makes me wonder

when and from whom the idea of becoming Sec of State came along. Certainly couldn't have firmed up any plans before November 8, although any plotting would have begun long before.

[Initech]

9. This is a criminal level of grifting.

[mahannah]

10. Poor man. Hope he can struggle by.

[2naSalit]

11. Yes...

they parted ways on paper, means nothing. It's all BS.