XOM Exxon Mobil Corp

By Anne Steele 

Exxon Mobil Corp. said Darren Woods will succeed Rex Tillerson as chairman and chief executive of the company, after Mr. Tillerson was tapped by President-elect Donald Trump to serve as the next U.S. Secretary of State.

Mr. Woods, currently the company president, will replace Mr. Tillerson, who has been with the oil giant for more than 41 years, on Jan. 1.

Mr. Tillerson was scheduled for mandatory retirement in March when he turned 65 years old, but after consideration, "Tillerson concluded, and the board agreed, that given the significant requirements associated with the confirmation process, it was appropriate to move the retirement date."

Mr. Tillerson began at Exxon Company USA in 1975 as a production engineer and, over the next four decades, held various senior roles including executive vice president of ExxonMobil Development Company. He was named senior vice president in 2001 and then to the board three years later. He has been chairman and CEO since January 2006.

Mr. Woods, 51 years old, joined Exxon Company International in 1992. He emerged as Mr. Tillerson's heir apparent last December when he was appointed president of the company and took a seat on the board.

Write to Anne Steele at Anne.Steele@wsj.com

(END) Dow Jones Newswires

December 14, 2016 15:35 ET (20:35 GMT)

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