By Bradley Olson and Damian Paletta

Exxon Mobil Corp. has awarded former Chief Executive Rex Tillerson a $180 million retirement package as the company moves to break financial ties with President-elect Donald Trump's nominee for secretary of state.

The board's decision will allow Mr. Tillerson to sell off all his remaining shares in the company, the company said late Tuesday. The deal amounts to about $7 million less than the compensation package that awaited him at his previously expected retirement in March.

Mr. Tillerson stepped down as Exxon CEO on Jan. 1. Before his nomination, he was set to receive more than $180 million in shares that would have vested within a decade.

Mr. Tillerson couldn't be immediately reached for comment.

Liz Hoffman contributed to this article.

Write to Bradley Olson at Bradley.Olson@wsj.com and Damian Paletta at damian.paletta@wsj.com

(END) Dow Jones Newswires

January 03, 2017 22:27 ET (03:27 GMT)

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