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Rex Tillerson to cut ties with Exxon Mobil and put $182M worth of shares into blind trust

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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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The share awards will be canceled and Tillerson will also surrender entitlement to more than $4.1 million in cash bonuses, scheduled to pay out over the next three years, and other benefits, Exxon Mobil said.

Separately, Tillerson also committed to the State Department that, if confirmed, he would sell the more than 600,000 Exxon shares he currently owns, the company said.

Exxon said last month its president, Darren Woods, will become chief executive and chairman in January following the retirement of Tillerson.

Tillerson could face a rocky confirmation process, given concerns among both Democrats and Republicans about his ties to Russia.

Exxon stock has gained 6.5 percent since election results of Nov. 8 up to Tuesday’s close of $90.89.

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(Reporting by Subrat Patnaik in Bengaluru; Editing by Gopakumar Warrier)


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2020 Election

Even Fox News shows Trump trailing in 2020 amid market crash and fear over COVID-19

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The expanding COVID-19 epidemic and stock market crashes are not the only bad news for President Donald Trump this week.

A new Fox News poll shows Trump trailing six different Democrats in head-to-head matchups.

The poll showed Trump trailing former Vice President Joe Biden, Sen. Bernie Sanders (I-VT), former New York City Mayor Mike Bloomberg, Sen. Elizabeth Warren (D-MA) and former South Bend Mayor Pete Buttigieg.

Head-To-Head Polling:

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Trump is in a ‘fight-or-flight state’ over coronavirus: ‘Art of the Deal’ co-author

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On Thursday's edition of MSNBC's "The Beat," Trump biographer and "Art of the Deal" co-author Tony Schwartz laid out the president's state of mind over the coronavirus crisis.

"Let's understand Trump," said Schwartz. "Trump is the chief energy officer of this land. So, in other words, his energy has a disproportionate impact on all our energy. And he already raised the anxiety of people over the last four years considerably. He'll exploit fear if he thinks that serves him, or deny fear if he thinks that serves him."

"That's an important point," said host Ari Melber. "You're arguing, as someone who worked with him, that while we just heard about a public interest approach, you're saying you don't see him using public interest?"

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‘No time for being patronized,’ say youth climate leaders as UK cops warn parents over Fridays for Future protest

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"Young people should not be underestimated—we have a voice and we are strong."

Youth organizers of a Friday climate protest in Bristol, United Kingdom said they have "no time for being patronized" after local police sent a letter to parents warning of inadequate safety measures for the upcoming demonstration, which teenage activist Greta Thunberg and thousands of others are expected to attend.

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