In the span of only a week, two of the most senior former business executives who have served in Trump’s orbit are gone, presumably free to return to corporate America and collect lucrative board seats or offer consulting services on the ways of Trumpworld. But while there appears to be little reason former Goldman Sachs president and top economic adviser Gary Cohn couldn’t return to work on Wall Street, former ExxonMobil CEO Rex Tillerson — who was unceremoniously ousted as Secretary of State Tuesday — has more than a few that may keep him from going back to work for Big Oil.
That’s because if he were to leave government service and go to work for an oil or gas business, according to the terms of a trust set up for Tillerson when he left Exxon, he could give up deferred compensation that was valued at some $180 million a little over a year ago. The independent trust specifically says he may not be employed or provide services in the oil or gas industry “whether as an employee, contractor, consultant, director or in any other similar capacity;” if he does, the forfeited funds will be paid to a charity the trustee chooses that is “dedicated to the alleviation of disease and poverty in the developing world.” […]
RittaFarr
What’s crazy about this article is the terms of his trust are basically a non-compete. 180 million reasons to retire early, or stay in politics.