Rex Tillerson Net Worth 2022 – How Did He Get Rich?

Rex Tillerson Net Worth

Rex Tillerson has an estimated net worth of $300 million. Rex Tillerson rose through the ranks of ExxonMobil to become its CEO and chairman in 2006. He served as the 69th U.S. secretary of state from February 2017 to March 2018. He earned the majority of his income from his career at ExxonMobil. He left ExxonMobil at the end of 2016 with a $180 million retirement package; the equivalent cash value of his unpaid stock was placed in an independent trust to avoid conflicts of interest.

Rex Wayne Tillerson (born March 23, 1952) was sworn in as President Donald J. Trump’s 69th Secretary of State on February 1, 2017. His tenure was marked by clashes with the Trump administration, which resulted in his dismissal on March 13, 2018. Tillerson previously served as ExxonMobil’s CEO and chairman from 2006 to 2016. His entire career was spent at this company, making him the first secretary of state with no prior government or military experience.

To calculate the net worth of Rex Tillerson, subtract all his liabilities from his total assets. Investments, savings, cash deposits, and any equity she has in a house, car, or other similar asset are included in the total assets. All debts, such as student loans and credit card debt, are included in total liabilities.

Here’s the breakdown of his net worth:

Name: Rex Tillerson
Net Worth: $300 Million
Monthly Salary: $2 Million+
Annual Income: $30 Million+
Source of Wealth: CEO of ExxonMobil (2006-2016), President of the Boy Scouts of America (2010-2012)

Secretary of State

Among the pressing issues, Tillerson faced as secretary of state were a nuclear-armed North Korea, trade concerns with China, and questions about Iran’s compliance with a nuclear-freeze agreement. Despite this, he had a smaller diplomatic corps than his predecessors.

Tillerson took over the State Department with the intention of “redesigning” it. His goal was to eliminate personnel overlaps and bureaucratic deadwood, which was initially welcomed by many in the department. However, critics claimed that US diplomacy was being undermined, owing in part to the loss of personnel with specialized knowledge.

Because Tillerson intended to reduce full-time staff by 8%, many openings caused by resignations, retirement, and attrition went unfilled. Buyouts were also offered to encourage employees to leave. There were fewer new Foreign Service members hired (interest in taking the Foreign Service exam also dropped, with 50 percent fewer registrants in 2017 as opposed to 2015).

Tillerson supported a proposed White House budget that would have reduced funding for his department by 30%, affecting both diplomacy and foreign aid. However, Congress objected to the deep cuts and approved a budget of $51 billion in the 2018 appropriations bill, $11 billion more than the administration requested.

Tillerson chastised China again in March 2018, ahead of his first official visit to Africa as Secretary of State, accusing the Asian power of forging corrupt deals and endangering African natural resources. He also announced a $533 million humanitarian aid package to assist people affected by food shortages and conflict in Somalia, South Sudan, Ethiopia, and the Lake Chad Basin, as part of a larger plan to promote counterterrorism, democracy, governance, trade, and investment.

On March 13, 2018, President Trump abruptly ended Tillerson’s tenure as Secretary of State by naming CIA Director Mike Pompeo to the position, with Gina Haspel becoming the agency’s first female director.

Tillerson did not immediately respond, instead relying on a statement from a State Department official.

The statement said, “The Secretary had every intention of staying because of the critical progress made in national security.” “He will miss his colleagues at the Department of State and the foreign ministers with whom he has worked around the world.”

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Relationship With Donald Trump

Tillerson had no prior association with Trump, and his appointment as Secretary of State in December 2016 came as a surprise. The then-president-elect had been considering candidates such as 2012 Republican presidential nominee Mitt Romney and former New York City Mayor Rudy Giuliani. When former Defense Secretary Robert Gates suggested it to Trump, Tillerson’s name was thrown into the mix (supported by former Secretary of State Condoleezza Rice).

Another factor that may have helped Tillerson beat out other candidates is his height. Senator Bob Corker was also considered for the position, but Trump apparently felt he wasn’t tall enough (reportedly, Tillerson is 5-foot-10 while Corker stands at 5-foot-7).

Though Trump initially admired Tillerson’s demeanor, their working relationship was strained. Trump tweeted on October 1, 2017, that Tillerson was “wasting his time trying to negotiate with Little Rocket Man” (a reference to North Korean leader Kim Jong-un). In addition, while Tillerson was attempting to mediate a dispute between Qatar and its neighbors, the president accused Qatar of funding terrorism.

When asked about Trump’s refusal to condemn white nationalists after violence erupted at a rally in Charlottesville, Virginia, in August 2017, Tillerson said, “the president speaks for himself.” In addition, a report in October 2017 claimed that Tillerson had called Trump a “moron” earlier in the year; following this, the secretary held a press conference praising the president.

Former U.N. Ambassador Nikki Haley claimed in her book, With All Due Respect, published in November 2019, that Tillerson and former Chief of Staff John Kelly pushed her to deliberately undermine President Trump during their time together in the administration. In a statement to The Washington Post, Tillerson refuted that claim, saying, “Ambassador Haley was rarely present at my many meetings and has no idea what I may or may not have said to the President. I am still proud of my service as our nation’s 69th Secretary of State.”

Career at Exxon

Tillerson was ExxonMobil’s CEO and chairman from 2006 to 2016. This put him in charge of a company with 80,000 employees and $400 billion in annual revenue. After graduating from college, he began working there as a production engineer in 1975.

Tillerson thrived in Exxon’s corporate culture and eventually became in charge of the company’s overseas operations, which were motivated by the urgent need for new oil reserves. Tillerson had to assess global conditions in countries as diverse as Venezuela, Nigeria, and Iraq to protect the company’s investments. He was assisted in this by Exxon’s International Government Relations Group, which included former State Department employees.

Because Exxon has a mandatory retirement age of 65, Tillerson was already planning to retire when he was nominated to be Secretary of State.

Russia and Vladimir Putin

In the 1990s, Tillerson worked with Vladimir Putin on an Exxon project on Russia’s Sakhalin Island. Tillerson arranged for ExxonMobil to enter into a deal with the Russian oil company Rosneft in 2011. Putin, apparently pleased with the agreement, inducted Tillerson into Russia’s Order of Friendship in 2013.

The 2011 agreement, which could have been worth $500 billion, was halted by US sanctions imposed after Russia invaded Crimea in 2014. Exxon was fined $2 million by the Treasury Department in 2017 for violating these sanctions in 2014.

Some officials were concerned about Tillerson’s ties to Russia during his time at ExxonMobil, and several senators questioned him about them during his confirmation hearing. He was eventually confirmed, but 43 senators voted against him.

Tillerson eliminated the Coordinator for Sanctions Policy office in the fall of 2017, shifting responsibility for sanctions to the Policy Planning Office. The decision was part of his reorganization plan, but it delayed the implementation of sanctions imposed in response to Russia’s election meddling in 2016. It also took several months for Tillerson to request previously allocated funds for the Global Engagement Center, a group tasked with combating propaganda and disinformation from both terrorists and malicious state actors (Tillerson’s perspective was that he first wanted to ensure the funds were used effectively).

Climate Change

ExxonMobil began to accept and acknowledge the scientific consensus that the climate is changing after Tillerson became CEO. However, Tillerson maintained his doubts about the immediate need to reduce oil and gas use in order to address the problem, arguing that society would be able to adapt to a changing climate.

Tillerson did support the Paris Climate Agreement, an international agreement to reduce greenhouse gas emissions. He was unable, however, to prevent President Trump from withdrawing from the agreement in June 2017.

The attorneys general of New York and Massachusetts conducted an investigation into whether ExxonMobil misled shareholders about its knowledge of the impact of fossil fuels on climate change, with the New York office filing a lawsuit in 2018.

Wife and Children

Jamie Lee Henry, a high school bandmate, was Tillerson’s first wife. They married after Tillerson graduated from college and had twin boys before splitting up.

Tillerson had married Renda House, who had a child of her own, by 1983. In 1988, the couple welcomed their second child.

Renda was the one who suggested Tillerson become Secretary of State. “I was not interested in this position. I didn’t apply for this job “In a March 2017 interview with the Independent Journal Review, Tillerson admitted as much. “My wife told me I had to do this.”

When and Where Was Rex Tillerson Born?

Rex Wayne Tillerson was born in Wichita Falls, Texas, on March 23, 1952. His name was inspired by two cowboy actors in Hollywood: Rex Allen and John Wayne.

Family Background and Education

Tillerson, the second of three children, spent his childhood in Texas and Oklahoma, moving with his family between small towns. Tillerson’s father quit a job selling bread to become a professional organizer for the Boy Scouts of America; he became a dedicated member of the organization and earned the rank of Eagle Scout.

Tillerson, like his father, remained involved in scouting as an adult. He served as national president of the Boy Scouts of America from 2010 to 2012, in addition to joining the boards of the national and Dallas chapters. Tillerson supported the inclusion of gay scouts in this role.

Tillerson attended the University of Texas at Austin after graduating from Huntsville High School in Texas. He studied civil engineering and marched in the Longhorn marching band there.

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What Houses Does Rex Tillerson Own?

Tillerson’s home base has remained in Texas as an adult. His ranches are known as Bar RR Ranches, with “RR” standing for Rex and Renda. He bought a 16,238-square-foot mansion in Westlake, near Dallas/Fort Worth International Airport, in June 2019.

Tillerson lived in Washington, D.C.’s Kalorama neighborhood while serving as Secretary of State.

Leadership Style

Tillerson rose through the ranks at Exxon until he was the one giving orders. Another organized activity was earning merit badges as a Boy Scout. However, in his government role, Tillerson faced challenges dealing with a chaotic Trump administration, as well as criticism for not being accessible enough to the press.

“It’s a lot different than being CEO of Exxon because I made the final decision,” Tillerson told reporters in the summer of 2017. “It always makes things easier.”

Rex Tillerson Quotes

Energy independence and energy security are really two different things.

Rex Tillerson

 

When coal came into the picture, it took about 50 or 60 years to displace timber. Then, crude oil was found, and it took 60, 70 years, and then natural gas. So it takes 100 years or more for some new breakthrough in energy to become the dominant source. Most people have difficulty coming to grips with the sheer enormity of energy consumption.

Rex Tillerson

 

Integrity is essential and irreplaceable. It is the most valuable asset for a person, a company, or a society seeking to build and progress.

Rex Tillerson

 

Your personal integrity, once established and earned, people don’t have to think about it. They know. They know you. They know you’ll do the right thing every time.

Rex Tillerson

 

We’ve recognized that natural gas would be the fastest-growing of the conventional fuels: oil, natural gas, coal. And so, we see the important role that natural gas will play globally and, more importantly, the important role it will play in the U.S. in terms of meeting future energy demand.

Rex Tillerson

 

The size of the resource prize has to be large to support the risked capital that has to be put in place. The Arctic is one of the few places left where we believe those opportunities exist.

Rex Tillerson

 

We have been blessed in many respects with the explosion of the development of shale gas resources here in North America. It’s both U.S. and in Canada.

Rex Tillerson

 

We have for many years included a price of carbon in our outlook. We put it in as a cost. Everything gets tested against it.

Rex Tillerson

 

The Boy Scouts, of course, had an influence on me because I learned about service in the community.

Rex Tillerson

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