ExxonMobil and former Chairman and CEO Rex Tillerson have reached an agreement for him to cut all ties with the company if he’s confirmed as secretary of state, the oil giant announced Tuesday night.
The move would be made to comply with federal conflict-of-interest rules in the event Tillerson becomes the nation’s top diplomat. ExxonMobil says the accord was reached “in consultation with federal ethics regulators.”
The company says the net effect of the agreement would be for Tillerson to give up about $7 million in compensation he’d otherwise have coming to him.
Tillerson retired on Dec. 31 with more than 40 years of service with ExxonMobil.
In addition, ExxonMobil says, Tillerson has “committed to the State Department that, if confirmed, he would sell the more than 600,000 shares in ExxonMobil he currently owns.”
President-elect Trump’s personal business ties have been the subject of much controversy during the presidential transition.