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Rex Tillerson

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Rex Tillerson
Personal details
Born
Rex Wayne Tillerson

(1952-03-23) March 23, 1952 (age 72)
Wichita Falls, Texas, U.S.
Political partyRepublican
SpouseRenda St. Clair
Alma materUniversity of Texas, Austin (BS)
Known forChief Executive Officer of
ExxonMobil
Salary$27.2 million (2015)[1]
Awards Russian Order of
Friendship (2013)

Rex Wayne Tillerson (born March 23, 1952) is an American businessman and is the chairman and CEO of Exxon Mobil Corporation, the fifth largest company by market capitalization.[2][3] Tillerson is expected to be nominated as the next United States Secretary of State by President-elect Donald Trump.[4]

Early life and education

Tillerson was born on March 23, 1952 in Wichita Falls, Texas. He earned the rank of Eagle Scout[5] in 1965.[6] In 1970, he graduated from Huntsville High School in Huntsville, Texas. He received a Bachelor of Science in civil engineering from the University of Texas at Austin in 1975.[7] During his time at UT Austin, he was involved with the Tejas Club,[8] Longhorn Band,[8] and Alpha Phi Omega.[9] In 2006 he was named a Distinguished Engineering Graduate.[7]

Rex Tillerson meets with Russian President, Vladimir Putin, at the Kremlin, 2012.

Business career

Exxon

Tillerson joined The Exxon Company in 1975 as a production engineer.[10]

In 1989, Tillerson became general manager of the central production division of Exxon USA.[10]

In 1995, he became president of Exxon Yemen Inc. and Esso Exploration and Production Khorat Inc.[10]

In 1998, he became a vice president of Exxon Ventures (CIS) and president of Exxon Neftegas Limited with responsibility for Exxon's holdings in Russia and the Caspian Sea. In 1999, with the merger of Exxon and Mobil, he was named Executive Vice President of ExxonMobil Development Company. [10]

In 2004, he became president and director of Exxon Mobil.[10]

On January 1, 2006, Tillerson was elected chairman and chief executive officer (CEO), following the retirement of Lee Raymond.[10]

Tillerson re-established his position of chairman and chief executive officer during a shareholder meeting on May 28, 2008. The Rockefeller family sponsored a non-binding resolution to separate the CEO and chairman positions in order to maintain a system of checks and balances. The Rockefeller family also wanted Exxon Mobil to invest more in alternative energy. However, the resolution did not obtain the necessary majority and Tillerson held on to both the chairman and chief executive officer job titles.

Role in Exxon's acquisition of XTO Energy

In 2009 Exxon Mobil acquired XTO Energy, a major natural gas producer, for $31 billion in stock. Some writers have stated that "Tillerson’s legacy rides on the XTO Deal."[11]

Ties with Russia

Tillerson has close ties with Vladimir Putin; the two men have been associates since Tillerson represented Exxon’s interests in Russia during Boris Yeltsin's premiership.[12] John Hamre, the president and CEO of the Center for Strategic and International Studies (for which Tillerson is a board member), states that Tillerson "has had more interactive time with Vladimir Putin than probably any other American with the exception of Henry Kissinger."[12]

In 2011, on behalf of ExxonMobil, Tillerson signed an agreement with Russia for drilling in the Arctic that could be valued up to $300 billion.[13] Although the company began drilling in the Kara Sea in summer 2014, sanctions against Russia during the Ukrainian crisis brought the project to a halt in September of that year.[14][15]

In 2013, Tillerson was awarded the Order of Friendship by Putin.[10]

Ties with Kurdistan

In 2011, Tillerson, on behalf of ExxonMobil, signed a deal to develop oil fields in the autonomous region of Kurdistan. The agreement was in defiance of Iraqi law, which forbids companies from dealing directly with Kurdistan.[16]

Compensation

In 2012, Tillerson’s compensation package was $40.3 million.[17] It was $28.1 million in 2013, $33.1 million in 2014, and $27.2 million in 2015.[18][1]

Other business affiliations

Tillerson is also a trustee for the Center for Strategic and International Studies and the American Petroleum Institute, and is a member of the Business Roundtable.[10]

He was a member of the Executive Committee of The Business Council for 2011 and 2012.[19]

Political involvement

Political views

Opposition to sanctions

Tillerson has stated that “We do not support sanctions, generally, because we don’t find them to be effective unless they are very well implemented comprehensively and that’s a very hard thing to do”.[20]

Climate change and carbon pricing

In 2010, Tillerson said that while he acknowledged that humans were affecting the climate through greenhouse gas emissions to some degree, it was not yet clear "to what extent and therefore what can you do about it."[21][22]

Tillerson also stated "The world is going to have to continue using fossil fuels, whether they like it or not."[23]

Tillerson stated in 2009 that he favors a carbon tax as "the most efficient means of reflecting the cost of carbon in all economic decisions — from investments made by companies to fuel their requirements to the product choices made by consumers."[24]

Support of free trade

Speaking in March 2007 at a Council on Foreign Relations event, Tillerson asked "Should the United States seek so-called energy independence in an elusive effort to insulate this country from the impact of world events on the economy, or should Americans pursue the path of international engagement, seeking ways to better compete within the global market for energy? Like the Council's founders, I believe we must choose the course of greater international engagement. ... The central reality is this: The global free market for energy provides the most effective means of achieving U.S. energy security by promoting resource development, enabling diversification, multiplying our supply channels, encouraging efficiency, and spurring innovation."[25]

Gay rights

Tillerson served as president of the Boy Scouts of America from 2010-2012, at the time that the delegates voted to allow openly gay youths to join their troops and earn their merit badges. After the vote took place, Tillerson led the Boy Scouts to implement the change.[26][18]

Rex Tillerson, with then Prime Minister Vladimir Putin

Economic growth drivers

Tillerson has stated that "energy is the lifeblood to economic growth".[18]

Government regulation

In an interview with The Wall Street Journal, Tillerson expressed his impatience with government regulation, stating "there are a thousand ways you can be told ‘no’ in this country."[27]

Education

In September 2013, Tillerson wrote an op-ed piece in The Wall Street Journal defending Common Core.[28]

Fundraising and donations

Tillerson is a longtime contributor to Republican campaigns. According to the FEC records available online, Tillerson has given $442,284.50 in direct contributions since 2003, $72,200 in "joint fundraising contributions" and $5000 to a Super PAC. FEC records do not show any contributions by Tillerson to Democrats during this period. [29]

He has contributed to George W. Bush,[30] as well as Mitt Romney in 2012 and Mitch McConnell. [31] He did not donate to Donald Trump's campaign.[32] He donated to Jeb Bush's campaign during the Republican Primaries.[33][34]

Center for Strategic and International Studies

Rex Tillerson serves on the Board of Trustees of the Center for Strategic and International Studies.[35]

Secretary of State consideration

On December 5, 2016, speculation began that Tillerson was in consideration for the position of U.S. Secretary of State for the Administration of President-elect Donald Trump.[36] On December 9, transition officials reported that Tillerson was the top candidate for the position surpassing Mitt Romney and David Petraeus.[37] His nomination was reportedly being advocated by Steve Bannon and Jared Kushner.[38] The evening of December 10, BBC cited NBC reports that "sources close to Mr Trump [were] ... saying that Mr Tillerson is likely to be named next week" and that former UN ambassador John Bolton "will serve as his deputy".[39]

Personal life

Tillerson is married to Renda St. Clair and has four children.[40][5] He resides in Irving, Texas.[5] Tillerson is a Christian.[41] He and his wife donated $5,000-$10,000 to the National Association of Congregational Christian Churches in 2012.[42]

On February 20, 2014, news outlets reported that Tillerson joined opponents of a proposed water tower that could lead to fracking-related traffic near their homes. Plaintiffs included former U.S. House of Representatives Majority Leader Dick Armey and his wife.[43][44] Tillerson and his wife dropped out of the lawsuit after a judge dismissed their claim in November 2014.[45]

References

  1. ^ a b "Profits are down at ExxonMobil, but don't cry for CEO Rex Tillerson". The Washington Post. April 29, 2016. Retrieved April 29, 2016.
  2. ^ Rex W. Tillerson. ExxonMobil. Retrieved on June 28, 2012.
  3. ^ "Chart: The Largest Companies by Market Cap Over 15 Years]". August 12, 2016. Retrieved December 9, 2016.
  4. ^ Mitchell, Andrea. "Rex Tillerson of ExxonMobil Expected to Be Named Trump's Secretary of State: Sources". NBC News. Retrieved December 10, 2016.
  5. ^ a b c Kirdahy, Matthew (September 4, 2007). "Teaching Leadership: Scouts Honor". Forbes Magazine. Retrieved September 5, 2007.
  6. ^ "Eagles Honor Roll of Troop 820". Troop 820 Web Page. September 2010. Retrieved September 24, 2010.
  7. ^ a b "2006 Distinguished Engineering Graduate: Rex W. Tillerson, B.S.C.E. 1975, Chairman and CEO, Exxon Mobil Corporation". Cockrell School of Engineering, University of Texas.
  8. ^ a b Barnhill, Ted. "Distinguishing Features: The Distinguished Alumni of 2007". The Alcalde. Texas Exes. Retrieved January 22, 2012.
  9. ^ "Torch Talk" (PDF). Torch & Trefoil. Alpha Phi Omega. Retrieved January 22, 2012.
  10. ^ a b c d e f g h "ExxonMobil: Rex Tillerson". ExxonMobil.
  11. ^ Corkery, Michael (December 14, 2009). "King Rex Tillerson's Legacy Rides on the XTO Deal". Wall Street Journal. Retrieved January 26, 2010.
  12. ^ a b Bradley Olson, Rex Tillerson, a Candidate for Secretary of State, Has Ties to Vladimir Putin, Wall Street Journal (December 6, 2016).
  13. ^ Trefgarne, George (August 31, 2011). "Vladimir Putin plays for high stakes in the oil game". The Telegraph. Archived from the original on October 24, 2014. Retrieved December 10, 2016.
  14. ^ Reed, Stanley; Krauss, Clifford (September 12, 2014). "New Sanctions to Stall Exxon’s Arctic Oil Plans". New York Times. Retrieved December 10, 2016.
  15. ^ Williams, Cara (September 19, 2014). "ExxonMobil said to halt drilling in $700-million project in Russia". Los Angeles Times. Retrieved December 10, 2016.
  16. ^ "ExxonMobil is accused of flighty bets, but look at these numbers and judge for yourself". Quartz. April 9, 2013.
  17. ^ "Jamie Dimon's Big Pay Raise – and the Minimum Wage". Huffington Post. February 4, 2014. Retrieved February 11, 2014.
  18. ^ a b c Nathan, Bomey (December 6, 2016). "Exxon record in spotlight as Trump interviews CEO". USA Today.
  19. ^ The Business Council, Official website, Executive Committee
  20. ^ "How Exxon CEO Tillerson feels about sanctions (and other Secretary-related matters)". Biz Journals. December 6, 2016.
  21. ^ "THE EXXONMOBIL-XTO MERGER: IMPACT ON U.S. ENERGY MARKETS" (PDF).
  22. ^ Schwartz, John (August 19, 2016). "Exxon Mobil Fraud Inquiry Said to Focus More on Future Than Past". New York Times. Retrieved August 23, 2016.
  23. ^ Schlanger, Zoe (May 26, 2016). "Is Exxon Waiting for the Paris Climate Agreement to Fail?". Newsweek.
  24. ^ "ExxonMobil and the carbon tax". ExxonMobil. December 2, 2015.
  25. ^ Denning, Liam (December 7, 2016). "Mr. Exxon Goes to Washington (Maybe)". Bloomberg L.P.
  26. ^ James, Osbourne (September 1, 2014). "Exxon Mobil CEO Rex Tillerson an Eagle Scout to the core". Dallas News.
  27. ^ Coll, Steve (April 9, 2012). "Gusher: The Power of ExxonMobil". The New Yorker.
  28. ^ Tillerson, Rex (September 5, 2013). "How to Stop the Drop in American Education". The Wall Street Journal.
  29. ^ http://docquery.fec.gov/cgi-bin/qind/
  30. ^ Rex Tillerson of ExxonMobil Expected to Be Named Trump's Secretary of State: Sources by ANDREA MITCHELL, NBC News, DEC 10 2016
  31. ^ "Where CEO political dollars go - Rex Tillerson (2) - FORTUNE". Archive.fortune.com. Retrieved December 10, 2016.
  32. ^ Rex Tillerson of ExxonMobil Expected to Be Named Trump's Secretary of State: Sources by ANDREA MITCHELL, NBC News, DEC 10 2016
  33. ^ Rex Tillerson of ExxonMobil Expected to Be Named Trump's Secretary of State: Sources by ANDREA MITCHELL, NBC News, DEC 10 2016
  34. ^ Lavelle, Marianne (July 22, 2016). "Fossil Fuel Money Still a Dry Well for Trump Campaign". InsideClimate News. Retrieved December 10, 2016.
  35. ^ Rex W. Tillerson
  36. ^ "Exxon CEO Now a Contender for Donald Trump's Secretary of State". Wall Street Journal. December 5, 2016.
  37. ^ "Exxon's Rex Tillerson Is Top Candidate for Secretary of State". Wall Street Journal. December 9, 2016.
  38. ^ David E. Sanger, Maggie Haberman & Clifford Krauss, Rex Tillerson, Exxon Chief, Is Expected to Be Pick for Secretary of State, New York Times (December 10, 2016).
  39. ^ "Trump presidency: Exxon's Rex Tillerson for top diplomat?", BBC, December 10, 2016. Retrieved 2016-12-10.
  40. ^ Cordon, Matthew C. "Rex W. Tillerson 1952 – Biography". Encyclopedia of Business, 2nd ed. Advameg. Retrieved January 23, 2012.
  41. ^ Private Empire: ExxonMobil and American Power
  42. ^ The Congregationalist, September 2013
  43. ^ "Exxon Mobil CEO welcomes fracking, but not water tower in his backyard". Reuters. February 26, 2014.
  44. ^ "Exxon CEO Joins Suit Citing Fracking Concerns". The Wall Street Journal.
  45. ^ "Rex Tillerson drops out of water tower lawsuit in Bartonville". BizJournals.com. April 21, 2014. Retrieved November 28, 2014.
Wikimedia Commons has media related to Rex Tillerson.
Business positions
Preceded by Chief Executive Officer of ExxonMobil
2006–present 		Incumbent
Boy Scouts of America
Preceded by President of the Boy Scouts of America
2010–2012 		Succeeded by
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