8-K/ALeadership Changes

EXXON MOBIL CORP 8-K/A Report, Executive Changes (Jan 29, 2016)

Filed January 29, 2016For Securities:XOM

Summary

This Form 8-K/A filing from Exxon Mobil Corporation (XOM) serves as an amendment to a previous report, clarifying executive changes and compensation. The key event is the election of Darren W. Woods as President of Exxon Mobil Corporation, effective January 1, 2016. This amendment also details Mr. Woods's compensation package associated with this new role, including his salary, short-term incentive award, and restricted stock units. Additionally, it announces the resignation of R. W. Tillerson as President, who will continue his roles as Chairman and CEO, and notes Mr. Woods's election as a Director. Investors should note these leadership transitions and the associated financial arrangements for key executives.

Key Highlights

  • 1Darren W. Woods elected President of Exxon Mobil Corporation, effective January 1, 2016.
  • 2R. W. Tillerson resigned as President, effective January 1, 2016, but will remain Chairman and CEO.
  • 3Darren W. Woods appointed to the Executive Committee of the Board of Directors on a rotational basis (January 27, 2016).
  • 4Darren W. Woods elected a Director of Exxon Mobil Corporation, effective January 1, 2016.
  • 5Darren W. Woods's compensation as President includes an annual salary of $1,000,000.
  • 6Mr. Woods was awarded a short-term incentive of $339,000 (cash and Earnings Bonus Units) and 26,400 restricted stock units.
  • 7Mr. Woods, as an employee director, will not receive additional compensation for his board service.

Frequently Asked Questions

Darren W. Woods has been elected President of Exxon Mobil Corporation, effective January 1, 2016.

Mr. Woods's compensation includes an annual salary of $1,000,000, a short-term incentive award of $339,000 payable half in cash and half in Earnings Bonus Units, and 26,400 restricted stock units. The terms of the units are described in the company's most recent proxy statement.

Yes, R. W. Tillerson resigned as President effective January 1, 2016, but will continue to serve as Chairman of the Board and Chief Executive Officer of the Corporation.

This filing is an amendment to a previous 8-K report. It provides updated information regarding committee assignments for Darren W. Woods, which were not finalized at the time of the original filing, and clarifies executive transitions and compensation details.