Exxon Mobil to reveal new CEO

Exxon Mobil to reveal new CEO

Rex W. Tillerson, chairman and chief executive officer of Exxon Mobil will retire at year-end after more than 41 years of service with the oil giant.

As reported earlier this week, Tillerson has been selected by U.S. President-Elect to take over the Secretary of State position.

As for the Exxon Mobil CEO position, Tillerson will be succeeded by Darren W. Woods, currently president of Exxon Mobil.

Woods has been elected chairman and chief executive officer by the board of directors effective Jan. 1, 2017.

In an announcement on Wednesday, the Exxon Mobil board took the opportunity to congratulate Tillerson on his nomination for the position of U.S. secretary of state.

“We thank Rex for his leadership, service and dedication to ExxonMobil,” said the board.

“He led the company with integrity and honor, ensuring that safety and environmental protection were at the forefront of everything we do, generating value for shareholders and highlighting the impressive accomplishments of the company’s diverse workforce throughout the world. We know that his service to the nation as secretary of state will be equally successful and distinguished.”

Tillerson was scheduled to retire in March 2017 when he reached 65, the company’s mandatory retirement age for his position. After consideration, Tillerson concluded, and the board agreed, that given the significant requirements associated with the confirmation process, it was appropriate to move the retirement date, Exxon Mobil said in a statement.

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