Rex Tillerson will get a $180-million retirement package from Exxon Mobil Corp. if he is confirmed as President-elect Donald Trump's secretary of State.
The former Exxon chief executive would give up more than 2 million Exxon shares he would have received over the next 10 years. In exchange, the company would make a cash payment equal to the value of those shares to a trust to be overseen by a third party.
Exxon said Wednesday that Tillerson has already promised the State Department that if he is confirmed, he will sell 611,000 other shares he currently owns, worth about $55 million at Wednesday's price. His Senate confirmation hearing begins next week.