8-KLeadership Changes

EXXON MOBIL CORP 8-K Report, Executive Changes (Dec 15, 2015)

Filed December 15, 2015For Securities:XOM

Summary

Exxon Mobil Corporation (XOM) has filed an 8-K report detailing significant leadership changes effective January 1, 2016. The most crucial update for investors is the election of Darren W. Woods as the new President of the corporation, succeeding R. W. Tillerson. This appointment marks a promotion for Mr. Woods, who has been a Senior Vice President since June 2014 and will also join the Board of Directors. In conjunction with his new role, Mr. Woods will receive a base salary of $1,000,000, a short-term incentive award of $339,000, and 26,400 restricted stock units. Notably, R. W. Tillerson will step down as President but will continue in his capacities as Chairman of the Board and Chief Executive Officer. These changes are effective at the start of the new year and reflect internal succession planning within the energy giant.

Key Highlights

  • 1Darren W. Woods elected President of Exxon Mobil Corporation effective January 1, 2016.
  • 2Darren W. Woods also elected as a Director to the Board of Directors effective January 1, 2016.
  • 3R. W. Tillerson resigned as President, effective January 1, 2016.
  • 4R. W. Tillerson will continue as Chairman of the Board and Chief Executive Officer.
  • 5Darren W. Woods appointed with an annual salary of $1,000,000 effective January 1, 2016.
  • 6Mr. Woods received a short-term incentive award of $339,000 (cash and Earnings Bonus Units) and 26,400 restricted stock units.

Frequently Asked Questions

Darren W. Woods has been elected President of Exxon Mobil Corporation and a Director on the Board of Directors, both effective January 1, 2016. He was previously a Senior Vice President since June 2014 and has held various leadership positions within the company.

R. W. Tillerson resigned as President of Exxon Mobil Corporation, effective January 1, 2016. However, he will continue to serve as the Chairman of the Board and Chief Executive Officer of the corporation.

Effective January 1, 2016, Darren W. Woods will receive an annual salary of $1,000,000. He was also awarded a short-term incentive award of $339,000, payable half in cash and half in Earnings Bonus Units, along with 26,400 restricted stock units. He will not receive additional compensation for his director role as he is an employee.

No, like all other executive officers of the Corporation, Mr. Woods is an 'at will' employee and does not have an employment contract.