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Exxon Mobil, Tillerson agree to cut all ties

Exxon Mobil Corp and Rex Tillerson agreed to sever all ties to comply with conflict-of-interest requirements as the company’s former chairman and chief executive awaits confirmation as U.S. secretary of state.

If his appointment is confirmed, the value of more than 2 million deferred Exxon Mobil shares (worth about $182 million at Tuesday’s closing price) that Tillerson would have received over the next 10 years will be transferred to an independently managed trust, the company said in a statement.

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