Exxon Mobil, Tillerson agree to cut all ties(Reuters) - Exxon Mobil Corp and Rex Tillerson agreed to sever all ties to comply with conflict-of-interest requirements as the company’s former chairman and chief executive awaits confirmation as U.S. secretary of state. If his appointment is confirmed, the value of more than 2 million deferred Exxon Mobil shares (worth about $182 million at Tuesday’s closing price) that Tillerson would have received over the next 10 years will be transferred to an independently managed trust, the company said in a statement. The share awards will be canceled and Tillerson will also surrender entitlement to more than $4.1 million in cash bonuses, scheduled to pay out over the next three years, and other benefits, Exxon Mobil said. Separately, Tillerson also committed to the State Department that, if confirmed, he would sell the more than 600,000 Exxon shares he currently owns, the company said. Exxon said last month its president, Darren Woods, will become chief executive and chairman in January following the retirement of Tillerson. Tillerson could face a rocky confirmation process, given concerns among both Democrats and Republicans about his ties to Russia. Exxon stock has gained 6.5 percent since election results of Nov. 8 up to Tuesday’s close of $90.89. politicsNews
exon mobil tillerson agree cut ties reuters exon mobil corp rex tillerson agreed sever ties comply requirements company former chairman chief executive awaits confirmation secretary state if appointment confirmed value million deferred exon mobil shares worth million tuesday closing price tillerson would received next years transferred independently managed trust company said statement the share awards canceled tillerson also surrender entitlement million cash bonuses scheduled pay next three years benefits exon mobil said separately tillerson also committed state department confirmed would sell exon shares currently owns company said exon said last month president darren woods become chief executive chairman january following retirement tillerson tillerson could face rocky confirmation process given concerns among democrats republicans ties russia exon stock gained percent since election results tuesday close politicsnews
Your task is to classify the provided input as real or fake news. Label 0 is meant for fake news, Label 1 is for real news. TEXT: Exxon Mobil, Tillerson agree to cut all ties(Reuters) - Exxon Mobil Corp and Rex Tillerson agreed to sever all ties to comply with conflict-of-interest requirements as the company’s former chairman and chief executive awaits confirmation as U.S. secretary of state. If his appointment is confirmed, the value of more than 2 million deferred Exxon Mobil shares (worth about $182 million at Tuesday’s closing price) that Tillerson would have received over the next 10 years will be transferred to an independently managed trust, the company said in a statement. The share awards will be canceled and Tillerson will also surrender entitlement to more than $4.1 million in cash bonuses, scheduled to pay out over the next three years, and other benefits, Exxon Mobil said. Separately, Tillerson also committed to the State Department that, if confirmed, he would sell the more than 600,000 Exxon shares he currently owns, the company said. Exxon said last month its president, Darren Woods, will become chief executive and chairman in January following the retirement of Tillerson. Tillerson could face a rocky confirmation process, given concerns among both Democrats and Republicans about his ties to Russia. Exxon stock has gained 6.5 percent since election results of Nov. 8 up to Tuesday’s close of $90.89. politicsNews
Your task is to classify the provided input as real or fake news. Label 0 is meant for fake news, Label 1 is for real news. TEXT: exon mobil tillerson agree cut ties reuters exon mobil corp rex tillerson agreed sever ties comply requirements company former chairman chief executive awaits confirmation secretary state if appointment confirmed value million deferred exon mobil shares worth million tuesday closing price tillerson would received next years transferred independently managed trust company said statement the share awards canceled tillerson also surrender entitlement million cash bonuses scheduled pay next three years benefits exon mobil said separately tillerson also committed state department confirmed would sell exon shares currently owns company said exon said last month president darren woods become chief executive chairman january following retirement tillerson tillerson could face rocky confirmation process given concerns among democrats republicans ties russia exon stock gained percent since election results tuesday close politicsnews