Friday September 21st, 2018 5:33PM

Tillerson's exit won't affect the deal he struck with Exxon

By The Associated Press
Related Articles
  Contact Editor

WASHINGTON (AP) — Rex Tillerson spent just over a year as America's chief diplomat. But he'll continue to benefit from an arrangement he crafted with his former employer, energy giant Exxon Mobil, that could generate millions of dollars in tax savings.

Tillerson was Exxon's chief executive officer when President Donald Trump selected him to be his secretary of state. Tillerson worked out a $180 million retirement package with the company that also met the U.S. government's conflict of interest requirements.

A key part of the package is a cash trust set up by Exxon through the sale of more than 2 million Exxon Mobil shares. Tillerson could save millions of dollars through the trust.

A senior fellow at the Urban-Brookings Tax Policy Center, Steve Rosenthal, calls the trust a "sweetheart deal."

  • Associated Categories: Associated Press (AP), AP Online Headlines - Washington, AP Business, AP Business - Corporate News
© Copyright 2018 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
2 families hit with Austin package bombs knew each other
Two of the three families targeted by package bombs left on Austin doorsteps knew each other
6:50PM ( 8 minutes ago )
Tillerson's exit won't affect the deal he struck with Exxon
Rex Tillerson spent just over a year as America's chief diplomat, but he'll continue to benefit from an arrangement he crafted with his former employer, energy giant Exxon Mobil, that could generate millions of dollars in tax savings
6:48PM ( 10 minutes ago )
Michigan St hopes Bridges attacks defense in NCAA Tournament
Miles Bridges can soar for slams, dribble to set up shots for himself or teammates and effortlessly make 3-pointers from all angles
6:41PM ( 16 minutes ago )
Associated Press (AP)
Trump views designs for border wall while bashing California
President Donald Trump has inspected eight towering prototypes for his long-sought wall at the U.S.-Mexico border and accused California of putting "the entire nation at risk" by refusing to take tough action against illegal immigration
5:56PM ( 1 hour ago )
Western PA special: A Trump embarrassment or close call?
Western PA special election: A Trump embarrassment or just a close call?
5:55PM ( 1 hour ago )
The Latest: McCain questions Trump's pick for CIA
Sen. John McCain says Gina Haspel needs to explain the "nature and extent" of her involvement in the CIA's interrogation program as the Senate considers her nomination as President Trump's pick for agency director.
5:38PM ( 1 hour ago )
AP Online Headlines - Washington
Ropes, phone lights used in rescue after deadly bus plunge
The crash of a charter bus carrying a high school band from Florida to Texas left a driver dead and about three dozen people injured in south Alabama
6:06PM ( 52 minutes ago )
Student walkouts planned across US to protest gun violence
Students at schools across the country are organizing walkouts to protest gun violence on the one-month anniversary of a school shooting in Parkland, Florida
5:47PM ( 1 hour ago )
Behind the Broadcom deal block: Rising telecom tensions
Behind the Broadcom deal block: Rising global telecom tensions
5:03PM ( 1 hour ago )
AP Business
Former aide to Gov. Cuomo convicted in bribery case
A former top-aide to New York Gov. Andrew Cuomo has been convicted of accepting hundreds of thousands of dollars in bribes.
4:17PM ( 2 hours ago )
Trump replaces Tillerson with Pompeo in dramatic shakeup
Trump fires Tillerson as secretary of state, plans to name CIA's Pompeo to replace him
3:13PM ( 3 hours ago )
For the tech industry, a red flag on megadeals?
Trump decision to scuttle a hostile takeover by Singapore's Broadcom of the U.S. chipmaker Qualcomm caught some on Wall Street off guard
1:45PM ( 5 hours ago )
AP Business - Corporate News
2 families hit with Austin package bombs knew each other
Two of the three families targeted by package bombs left on Austin doorsteps knew each other
6:50PM ( 8 minutes ago )
Michigan St hopes Bridges attacks defense in NCAA Tournament
Miles Bridges can soar for slams, dribble to set up shots for himself or teammates and effortlessly make 3-pointers from all angles
6:41PM ( 16 minutes ago )
Adrian Peterson, Jordy Nelson cut, Brees stays with Saints
Drew Brees is staying in New Orleans; Adrian Peterson and Jordy Nelson have been released
6:32PM ( 26 minutes ago )
Trump considers ousting his VA secretary in Cabinet shuffle
President Donald Trump is considering ousting embattled Veterans Affairs Secretary David Shulkin
6:27PM ( 30 minutes ago )
Roma beats Shakhtar 1-0 to reach CL quarterfinals
Roma overcame a dismal first-half performance and a first-leg deficit, to beat Shakhtar Donetsk 1-0 and reach the quarterfinals of the Champions League on the away goals rule
6:27PM ( 30 minutes ago )