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CEO Rex Tillerson and Exxon part ways; $180 million retirement package
Posted on 1/4/17 at 8:28 am
Posted on 1/4/17 at 8:28 am
Houston Chronicle article - Jan 4, 2017 @ 8:11am
quote:
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. If Tillerson returns to the oil and gas industry within 10 years, the money in the trust would be paid out to charities of the controlling trustee's choosing.
Posted on 1/4/17 at 8:29 am to HoustonGumbeauxGuy
No more LPOs for him to fill out.
Posted on 1/4/17 at 8:31 am to HoustonGumbeauxGuy
Good for him.
I can only dream of being that successful.
I can only dream of being that successful.
Posted on 1/4/17 at 8:32 am to HoustonGumbeauxGuy
Damn I hope he can survive on that
Posted on 1/4/17 at 8:33 am to HoustonGumbeauxGuy
Oilfield Trash spendin dat Oilfield Cash!
Posted on 1/4/17 at 8:36 am to HoustonGumbeauxGuy
Imagine how many truck nuts he can buy for $180 mil.
Posted on 1/4/17 at 8:38 am to HoustonGumbeauxGuy
quote:
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
Nice little way to reduce that tax bill on $180mil.
This post was edited on 1/4/17 at 8:39 am
Posted on 1/4/17 at 8:41 am to TheChosenOne
quote:
Nice little way to reduce that tax bill on $180mil.
or to ensure he doesn't go work for a competitor in the next ten years.
quote:
If Tillerson returns to the oil and gas industry within 10 years, the money in the trust would be paid out to charities of the controlling trustee's choosing.
Posted on 1/4/17 at 8:42 am to HoustonGumbeauxGuy
I'm going to send them my Resume.
I'll be CEO for $4,000,000 yr flat rate.
I'll be CEO for $4,000,000 yr flat rate.
Posted on 1/4/17 at 8:42 am to TheChosenOne
quote:
Nice little way to reduce that tax bill on $180mil.
Time to buy him one of dem Ford 350 pick-up trucks to help offset some of the capital gains this year.
Posted on 1/4/17 at 8:42 am to BigPerm30
quote:
Imagine how many truck nuts he can buy for $180 mil.
I would just get one huge set of brass nuts that drag on the ground while my G6 is in flight
Posted on 1/4/17 at 8:42 am to GetCocky11
Lives in a modest suburban home on the outskirts of Dallas. $180mm should help cover the bills.
Posted on 1/4/17 at 8:45 am to ihometiger
quote:I may be wrong, but I don't know if he has to pay taxes on any of that income since his being appointed to a cabinet position is the reason for his retirement
help offset some of the capital gains this year.
Posted on 1/4/17 at 8:46 am to HoustonGumbeauxGuy
quote:
If Tillerson returns to the oil and gas industry within 10 years, the money in the trust would be paid out to charities of the controlling trustee's choosing.
What's his current net worth? This sounds surprisingly reasonable. Admittedly, a lot is dependent on the trustee(s) and their definition of "charity." Is any 501(c)(3) a charity, or are we talking American Red Cross?
Posted on 1/4/17 at 8:50 am to HoustonGumbeauxGuy
Brand new King Ranch and truck nuts on order...
Posted on 1/4/17 at 8:50 am to HoustonGumbeauxGuy
I seriously don't like this Rex shite and thinks Trump isn't doing himself any justice.
Putin is a thug, Russia is a piece of shite, and Tillersob is a kiss arse.
Putin is a thug, Russia is a piece of shite, and Tillersob is a kiss arse.
Posted on 1/4/17 at 8:51 am to Pilot Tiger
quote:
I may be wrong, but I don't know if he has to pay taxes on any of that income since his being appointed to a cabinet position is the reason for his retirement
Posted on 1/4/17 at 9:00 am to HoustonGumbeauxGuy
They wonder why people hate them. I am sure they have 100 "VP's" to shuffle money to his buddies.
Posted on 1/4/17 at 9:02 am to SuperSaint
You seem feisty/emotional this AM. Want to talk about it?
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