Tillerson to Retire Dec. 31, Darren Woods will take over as ExxonMobil Chairman, CEO

ExxonMobil Board Names New Chief Executive

Rex Tillerson, ExxonMobil CEO, to retire at year-end.

With his pending transition to U.S. Secretary of State, ExxonMobil (ticker: XOM) Chairman and CEO Rex Tillerson has announced his intention to retire from XOM at year-end, and Darren W. Woods, who is currently president of the company, has been named by the board of directors to replace Tillerson as chairman and chief executive officer, effective Jan. 1, 2017.

Tillerson was scheduled to retire in March 2017 when he reached 65, the company’s mandatory retirement age for his position. But Tillerson concluded, and the board agreed, that given the significant requirements associated with the confirmation process, it was appropriate to move the retirement date, the company said in a statement. Tillerson spent 11 years as ExxonMobil’s chief executive and 41 years of total service at the global oil giant.

Woods: easy transition to lead world’s third largest publicly traded oil company

darren-woods-exxonmobil-presidentWoods, 51, was elected president of ExxonMobil and a member of the board of directors in January 2016. The Wichita, Kansas, native joined Exxon Company International in 1992. During his career he held various senior domestic and international positions in ExxonMobil Refining & Supply Company, ExxonMobil Chemical Company and Exxon Company International. Woods also served as manager of ExxonMobil investor relations.

As president of ExxonMobil Refining & Supply Company and a vice president of the corporation, 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. Woods earned a bachelor’s degree in electrical engineering from Texas A&M University and a master’s degree in business administration from Northwestern University’s Kellogg School of Management.

With the retirement of Tillerson, the ExxonMobil board now is comprised of 12 directors.

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