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Former Exxon chairman to get US$180m to cut ties with firm

The former Exxon chairman and chief executive chosen by Donald Trump for US Secretary of State will receive US$180 million to cut financial ties with the firm.  
    
Exxon said the arrangement will mean Rex Tillerson, who left the firm on December 31, passes the conflict of interest requirements to assume his new role.
    
The firm said it would cancel the two million shares Mr. Tillerson was due to receive as part of its executive pay programme and put the equivalent cash into an independently managed trust.
     
The payout, which will only take place if Mr. Tillerson is confirmed in the new role, is aimed at addressing concerns the former Exxon executive could favour the oil giant, or his own interests while in office.



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