Rex Tillerson Net Worth in 2017: A Deep Dive into the Former ExxonMobil CEO's Fortune
Rex Tillerson, the former CEO of ExxonMobil and the 69th United States Secretary of State, has long been a prominent figure in the business world. His leadership at ExxonMobil, one of the world's largest publicly traded companies, has significantly contributed to his net worth. Let's delve into Rex Tillerson's net worth in 2017, his career, and the factors that have influenced his wealth.
Rex Tillerson's Net Worth in 2017
As of 2017, Rex Tillerson's net worth was estimated to be around $365 million, according to Forbes. This substantial fortune is a testament to his successful career in the oil and gas industry, particularly his 41-year tenure at ExxonMobil, where he served as CEO from 2006 until his appointment as Secretary of State in 2017.
ExxonMobil Stock Holdings
A significant portion of Tillerson's net worth comes from his ExxonMobil stock holdings. As of 2017, he owned approximately 2.6 million shares of the company's stock, which was valued at around $240 million at the time. Tillerson's stock holdings have grown significantly over the years, thanks to the company's stock appreciation and his participation in ExxonMobil's employee stock purchase plan.
Compensation and Bonuses
Tillerson's compensation as ExxonMobil's CEO also contributed to his net worth. In 2016, his last full year at the helm of the company, Tillerson received a total compensation of $27.2 million, which included his salary, bonus, and stock awards. His base salary was $1.8 million, with the remainder coming from performance-based bonuses and stock awards.
Rex Tillerson's Career at ExxonMobil
Rex Tillerson joined ExxonMobil in 1975, fresh out of the University of Texas at Austin with a degree in civil engineering. He spent his entire 41-year career at the company, working his way up from entry-level positions to become CEO in 2006. Under his leadership, ExxonMobil maintained its position as one of the world's most profitable companies, despite the volatile oil prices and industry challenges.
Rex Tillerson's Leadership at ExxonMobil
Tillerson's tenure as CEO was marked by several significant achievements. He oversaw the acquisition of XTO Energy, a major natural gas producer, in 2010, which helped ExxonMobil expand its presence in the natural gas market. He also led the company's efforts to increase oil production in the Permian Basin and the development of the Kearl oil sands project in Canada.
Tillerson's Impact on ExxonMobil's Culture
Tillerson was known for his leadership style, which emphasized teamwork, collaboration, and open communication. He fostered a culture of innovation and continuous improvement at ExxonMobil, encouraging employees to challenge the status quo and think creatively about solving complex problems. This culture has contributed to the company's success and has left a lasting impact on ExxonMobil's employees.
Rex Tillerson's Political Career and Net Worth Changes
In 2016, President Donald Trump nominated Rex Tillerson to serve as the U.S. Secretary of State. Tillerson accepted the nomination and resigned from his position at ExxonMobil in early 2017. As a result of his new role, Tillerson's net worth experienced some changes. He sold a significant portion of his ExxonMobil stock holdings to comply with federal ethics rules, realizing gains of around $70 million.
Tillerson's net worth also benefited from his government salary. As Secretary of State, he earned an annual salary of $225,000, which was a significant decrease from his ExxonMobil compensation. However, he was also eligible for a pension from the company, valued at around $6.6 million per year, as of 2017.
Tillerson's Philanthropy and Legacy
Rex Tillerson and his wife, Renda St. Clair Tillerson, have been active in philanthropic efforts throughout their lives. They have supported various charitable causes, including education, healthcare, and community development. The couple established the Clements Foundation in 1984, which focuses on supporting education, medical research, and community initiatives in Texas and around the world.
Tillerson's legacy extends beyond his professional accomplishments and net worth. His leadership at ExxonMobil has left a lasting impact on the company's culture and operations, while his philanthropic efforts have made a positive difference in the lives of many. Despite his resignation from the Trump administration in 2018, Tillerson's influence on U.S. foreign policy and global energy markets will continue to be felt for years to come.
