Tillerson to cede control in Exxon

Hong Kong

REX Tillerson, former Exxon Mobil Corp chief executive and president-elect Donald Trump's pick for US secretary of state, will relinquish control of about US$240 million in company shares if confirmed as he severs ties to comply with conflict-of-interest requirements.

If confirmed, Mr Tillerson will sell the more than 600,000 shares he owns in the largest US oil explorer and transfer the value of more than two million in deferred shares to an independently managed trust, Exxon said in a statement dated Jan 3.