IRVING, Texas -- Rex Tillerson, chairman and CEO of Exxon Mobil Corp., has announced his intention to retire at the end of 2016 after more than 41 years of service. President-elect Donald Trump has tapped Tillerson to serve as secretary of state, pending Senate confirmation.
The ExxonMobil board has elected Darren Woods, currently president of Exxon Mobil Corp., as chairman and CEO effective Jan. 1, 2017.
“We thank Rex for his leadership, service and dedication to ExxonMobil,” the board said. “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 dtate 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.
Tillerson (left) joined Exxon Co. USA in 1975 as a production engineer. He held various senior roles in the corporation throughout his career spanning more than four decades, including executive vice president of ExxonMobil Development Co.
He was named senior vice president of Exxon Mobil Corp. in 2001 and was elected president and member of the board in 2004. Tillerson was elected chairman and CEO in January 2006.
Woods (right), 51, was elected president of ExxonMobil and a member of the board in January 2016.
Woods joined Exxon Co. International in 1992. During his career, he held various senior domestic and international positions in ExxonMobil Refining & Supply Co., ExxonMobil Chemical Co. and Exxon Co. International. He also was manager of ExxonMobil investor relations.
In 2012, he was appointed president of ExxonMobil Refining & Supply Co. and a vice president of the corporation. In this role, Woods had primary responsibility for the company’s global refining, supply and transportation activities. In 2014, he was named a senior vice president of the corporation and became a member of its management committee.
With the retirement of Tillerson, the ExxonMobil board now is composed of 12 directors, 11 of whom are non-employees.
Irving, Texas-based ExxonMobil is the largest publicly traded international oil and gas company. There are more than 10,000 Exxon- and Mobil-branded gas stations nationwide.