8-KLeadership Changes

EXXON MOBIL CORP 8-K Report, Executive Changes (Dec 16, 2016)

Filed December 16, 2016For Securities:XOM

Summary

Exxon Mobil Corporation (XOM) filed an 8-K on December 15, 2016, to report significant leadership changes. Effective January 1, 2017, R.W. Tillerson, the long-standing Chairman and Chief Executive Officer, announced his intention to retire at the end of 2016. This marks a transition in the company's top leadership after his tenure. Following Mr. Tillerson's retirement, the Board of Directors elected D.W. Woods, who currently serves as President and a Director, to assume the roles of Chairman and Chief Executive Officer. Mr. Woods' extensive experience within ExxonMobil, including his recent roles as President and Senior Vice President, positions him to lead the company into the future. Notably, no additional compensation was awarded to Mr. Woods in connection with these new responsibilities, underscoring a standard progression within the executive structure.

Key Highlights

  • 1R.W. Tillerson, Chairman and CEO, announced his retirement effective December 31, 2016.
  • 2D.W. Woods elected as the new Chairman and Chief Executive Officer, effective January 1, 2017.
  • 3Mr. Woods currently holds the position of President and Director.
  • 4This filing signifies a planned leadership transition at the highest level of Exxon Mobil.
  • 5Mr. Woods has a comprehensive background within ExxonMobil, holding various senior leadership roles.
  • 6D.W. Woods does not have an employment contract as he is an at-will employee.
  • 7No additional compensation was granted to D.W. Woods upon his election to Chairman and CEO.

Frequently Asked Questions

D.W. Woods, currently the President and a Director of Exxon Mobil Corporation, has been elected as the new Chairman and Chief Executive Officer, effective January 1, 2017.

R.W. Tillerson announced his intention to retire at the end of 2016, with the retirement being effective at year-end 2016.

No, the filing states that no additional compensatory grant or award was made to Mr. Woods in connection with his election as Chairman and Chief Executive Officer. Like other executive officers, he is an at-will employee.

D.W. Woods has held several significant positions within ExxonMobil, including Vice President of Supply & Transportation, President of ExxonMobil Refining & Supply Company, Senior Vice President of Exxon Mobil Corporation, and most recently, President and Director.