Exxon board elects Tillerson successor

Exxon Mobil Corp.’s board of directors has selected a new chairman and CEO to succeed Rex Tillerson, President-elect Donald Trump’s pick to be secretary of State. 

Darren W. Woods, the company’s president, will replace Tillerson on Jan. 1, the company announced Wednesday. 

Tillerson was due to retire in March when he turns 65, the company’s mandatory retirement age for its CEO. But Tillerson and the company decided he would step down early to attend to the secretary of State confirmation process, which could begin as soon as next month.  

{mosads}Exxon Mobil said that “given the significant requirements associated with the confirmation process, it was appropriate to move the retirement date.”

“We thank Rex for his leadership, service and dedication to ExxonMobil,” the board said in a statement.”We know that his service to the nation as secretary of state will be equally successful and distinguished.”

Woods, 51, has been with Exxon Mobil since 1992, working in the company’s refining, chemical, and supply and transportation wings. 

He was appointed president of Exxon Mobil Refining and Supply Co. in 2012 and named senior vice president of the corporation in 2014. 

Trump announced Tillerson as his choice to lead the State Department on Tuesday.