Exxon Mobil Appoints Darren Woods To Succeed Rex Tillerson As CEO

(RTTNews) - Exxon Mobil Corp. (XOM) Wednesday said Chairman and CEO Rex Tillerson will retire at year-end after more than 41 years of service, as he has been appointed by President-elect Donald Trump to serve as the next U.S. Secretary of State.

The company has elected Darren Woods, currently president of Exxon Mobil Corporation, as chairman and chief executive officer, effective Jan. 1, 2017.

The board of directors congratulated Tillerson on his nomination for the position of U.S. secretary of state. "We thank Rex for his leadership, service and dedication to ExxonMobil," said the board.

"Effective and disciplined succession planning is critical to the corporation's ongoing success and a key component of its competitive advantage. This change in leadership is consistent with the board of directors' succession plan developed years in advance and demonstrates the strength of the management development system," the company said.

With the retirement of Tillerson, the ExxonMobil board now is comprised of 12 directors, 11 of whom are non-employees.