Rex Tillerson retires, Darren Woodsnew CEO ExxonMobil

ExxonMobil CEO retires; Darren Woods takes over

7:09 AM, 15th December 2016
Darren Woods, new CEO of ExxonMobil
Darren Woods, currently president of ExxonMobil, has been elected chairman and CEO of the company, effective 1 January 2017.

IRVING, US: ExxonMobil Corporation said that its chairman and chief executive officer (CEO) Rex Tillerson, has declared his intent to retire at the year-end, after more than 41 years of service.

Darren Woods, currently president of ExxonMobil, has been elected chairman and CEO by the board of directors, effective 1 January 2017.

In addition, the board of directors applauded Tillerson on his nomination for the position of US secretary of state.

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

Tillerson joined Exxon in 1975 as a production engineer. He held various senior roles in the corporation throughout his career spanning more than four decades. He was named senior vice president of ExxonMobil Corporation in 2001 and was elected president and a member of the board of directors in 2004. Tillerson was elected chairman and CEO in January 2006.

Woods (51), was elected president of ExxonMobil and a member of the board of directors in January 2016. He joined Exxon Company International in 1992. During his career, he held various senior domestic and international positions in the company.

This change in leadership is consistent with the board of directors' succession plan developed years in advance and demonstrates the strength of the management development system, the board said.

With the retirement of Tillerson, the ExxonMobil board now is comprised of 12 directors, 11 of whom are non-employees.

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

“He led the company with integrity and honour, 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,” added the board.

© Worldofchemicals News

 

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