Rex W. Tillerson, in line to become the next secretary of state, has agreed to sever all ties with ExxonMobil Corp. to comply with conflict-of-interest requirements. Senate hearings are scheduled to begin Jan. 11. With his retirement effective Dec. 31, the board awarded Tillerson a retirement package worth an estimated $180 million to severe financial ties; the net effect is a reduction of about $7 million in future compensation. If he is confirmed, ExxonMobil agreed to transfer to an independent trust the equivalent of two million unvested shares that Tillerson would have received in March, when he originally was scheduled to retire. Forfeiture rules would prohibit Tillerson from working in the oil and/or natural gas industry during the 10-year payout period. He also agreed to surrender $4.1 million-plus in cash bonuses over the next three years, and he surrendered retiree medical and dental benefits, administrative, financial and tax support. Separate to the agreement, Tillerson also committed to the State Department that, if confirmed, he would sell the more than 600,000 shares in ExxonMobil that he currently owns.
Gulfport Energy Corp. CFO Aaron Gaydosik will resign Jan. 4 to pursue what the company said is an "external opportunity." Gaydosik was hired in 2014 to replace Michael G. Moore, who now serves as Gulfport's CEO. The board of directors has appointed Keri Crowell to replace Gaydosik. Crowell joined Gulfport in 2005. She has served as the company's chief accounting officer since 2015 and will continue to serve as its principal accounting officer.
The Oklahoma Corporation Commission has unanimously elected Commissioner Dana Murphy as its new chairman, and Commissioner Todd Hiett as vice chairman. Both changes will take effect on Feb. 1. Murphy will succeed Commissioner Bob Anthony as chairman. Murphy has served as a commissioner since January 2009 and was elected to her latest term in the 2016 election. Meanwhile, Hiett is serving his first term, which began in January 2015.
Colorado Gov. John Hickenlooper named two new commissioners to the three-member state Public Utilities Commission (PUC). Jeff Ackermann, who will serve as PUC chair, and Wendy Moser assume their roles Monday. Ackermann has served as the executive director of the Colorado Energy Office, and Moser currently works for Charter Communications, where she handles public and regulatory affairs for the telecommunications company. The pair join current commissioner Frances Koncilja. Hickenlooper said a search for Ackermann's replacement at the energy office is under way.