Exxon Mobil CEO Rex Tillerson is gearing up for his big promotion to Donald Trump’s Secretary of State, and in doing so, has stepped down from his CEO position and accepted a massive retirement package.
Tillerson not only will become one of the most powerful characters in U.S. government, but will also shortly become $180 million richer, thanks to his retirement package from Exxon Mobil.
Tillerson retired officially on January 1, and has negotiated with the company to have his massive hunk of shares in the company placed into a trust until he can claim them once again – once he is no longer a government official.
The more than 2 million shares are worth an excess of $180 million, and Tillerson will receive the benefits of these shares over the next decade.
The one bright spot is that according to the Wall Street Journal, while Tillerson is receiving payments from this trust, he cannot work in the oil or gas industry or else he will forfeit the remaining payouts.
“The trust would be prohibited from investing in Exxon, and payments to Mr. Tillerson would be subject to the same 10-year schedule as his unvested stock, according to the company. He will be prohibited from working in the oil and gas industry during the 10-year payout period. If he does return to the energy industry, the remaining funds in the trust would be forfeited and donated to charities “involved in fighting poverty or disease in the developing world,” according to Exxon.”
Donald Trump has promised to “drain the swamp,” but it is becoming startlingly clear that we have now entered into the era of the rich getting even richer – and there is almost no one left to speak up against it.