What is Rex Tillerson's net worth?
Rex Tillerson is an American energy executive, civil engineer, diplomat, and politician who has a net worth of $300 million. Rex Tillerson is best known for his tenure as the CEO of ExxonMobil and as the 69th United States Secretary of State under President Donald Trump. Tillerson's career in the energy sector spanned over four decades, during which he played a crucial role in strengthening ExxonMobil's global presence and in the development of new energy technologies. As Secretary of State, Tillerson helped shape American foreign policy, particularly in the areas of energy security and international diplomacy.
When he agreed to become Secretary of State, Tillerson was allowed to place $180 million worth of Exxon stock into a blind trust. Furthermore, Tillerson was forced to sell all of his privately owned shares in the oil giant, which he was then be able to re-invest in "permitted property," which is mostly mutual funds and securities. Assuming he complied those demands, Tillerson wouldn't have to pay capital gains tax for the sale.
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Early Life and Education
Rex Wayne Tillerson was born on March 23, 1952, in Wichita Falls, Texas. Raised in a conservative family, Tillerson became an Eagle Scout in the Boy Scouts of America and eventually rose to the rank of Distinguished Eagle Scout. Tillerson attended the University of Texas at Austin, where he earned a Bachelor of Science degree in civil engineering in 1975. His education and background in engineering would later prove instrumental in his career in the oil and gas industry.
ExxonMobil
Tillerson began his career at Exxon Corporation, the precursor to ExxonMobil, in 1975 as a production engineer. Over the years, he held various positions within the company, steadily rising through the ranks. In 1995, Tillerson was appointed president of Exxon Yemen Inc. and Esso Exploration and Production Khorat Inc., where he was responsible for overseeing the company's operations in Yemen and Thailand.
In 1999, following the merger of Exxon and Mobil, Tillerson was appointed Executive Vice President of ExxonMobil Development Company, responsible for the corporation's global upstream activities. Under Tillerson's leadership, ExxonMobil expanded its global reach and explored new territories, including Russia, which would later become a significant area of focus for the company.
In 2004, Tillerson was appointed President and a member of the board of directors of ExxonMobil Corporation. Just two years later, in 2006, he succeeded Lee Raymond as the Chairman and CEO of the company. During his tenure, Tillerson focused on the development of new energy technologies, including carbon capture and storage and biofuels, as well as the expansion of the company's natural gas production.
In his last year as CEO of Exxon, Tillerson earned $27.5 million in total compensation.
Relationship with Russia
As ExxonMobil's CEO, Tillerson developed close ties with Russian government officials and business leaders, including Russian President Vladimir Putin. In 2011, Tillerson signed a landmark deal with Russia's state-owned oil company, Rosneft, for a joint venture to explore and develop oil resources in the Arctic and the Black Sea. This partnership was seen as a major step toward strengthening the relationship between the two energy giants, and Tillerson was subsequently awarded the Russian Order of Friendship by Putin in 2013.
However, the partnership faced challenges when the United States imposed economic sanctions on Russia in response to its annexation of Crimea in 2014. The sanctions halted the progress of the joint venture and significantly impacted ExxonMobil's Russian investments. Despite this setback, Tillerson maintained a pragmatic approach toward Russia and advocated for open communication and dialogue.
Secretary of State
On December 13, 2016, then-President-elect Donald Trump announced his nomination of Tillerson as the 69th U.S. Secretary of State. Tillerson's nomination was met with mixed reactions, with some critics questioning his lack of government experience and close ties to Russia. Nonetheless, he was confirmed by the Senate on February 1, 2017, with a 56-43 vote.
As Secretary of State, Tillerson focused on energy security, counterterrorism, and international diplomacy. He played a significant role in the administration's efforts to apply pressure on North Korea, leading to the 2018 summit between President Trump and North Korean leader Kim Jong-un. Tillerson also advocated for a tougher stance on Iran, pushing for a renegotiation of the Iran nuclear deal, which he believed did not adequately address the country's ballistic missile program and support for terrorism.
Tillerson's tenure as Secretary of State was marked by a number of internal challenges as well. His efforts to restructure the State Department and implement budget cuts were met with resistance from career diplomats and some members of Congress. Additionally, Tillerson's relationship with President Trump appeared to grow increasingly strained over time, with the two men occasionally clashing on foreign policy issues, such as the Paris Climate Agreement and the administration's approach to the Qatar diplomatic crisis.
Despite these challenges, Tillerson continued to push for diplomacy and dialogue, emphasizing the importance of international cooperation in addressing global issues. He played a key role in the Global Coalition to Defeat ISIS, working with international partners to coordinate efforts to counter the terrorist organization. Furthermore, Tillerson helped strengthen relationships with key allies in the Asia-Pacific region, including Japan, South Korea, and Australia, as well as fostering new partnerships in Africa and Latin America.
Rex Tillerson's tenure as U.S. Secretary of State came to an end on March 13, 2018, when President Trump announced Tillerson's dismissal via Twitter. Tillerson was succeeded by then-CIA Director Mike Pompeo.
Post-Government Life
Following his departure from the Trump administration, Tillerson returned to private life, occasionally speaking at events and offering his insights on international affairs and energy policy. He has also been involved in various philanthropic activities, including serving on the board of the Center for Strategic and International Studies, a prominent Washington, D.C.-based think tank, and continuing his long-standing involvement with the Boy Scouts of America.
Personal Life
He married his high school sweetheart, Renda St. Clair, in 1986, and they have four children together. Tillerson is deeply committed to his family and has often cited their support as an essential factor in his success. Outside of his professional career, he is an avid outdoorsman who enjoys horseback riding, hunting, and fishing.
Texas Mansion
In June 2019, Rex and Renda Tillerson bought a lavish 16,000 square foot mansion in Westlake, Texas for an undisclosed amount. The seller of the home was retired baseball player Vernon Wells. Vernon built the mansion from scratch, completing construction in 2010. Wells originally listed the home for a little under $10 million in July 2017. He accepted an undisclosed amount from the Tillersons a few months after lowering the price to $8.5 million.
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