OREANDA-NEWS. December 15, 2016. ExxonMobil refining chief Darren Woods will take on the role of chief executive on 1 January as Rex Tillerson retires following his nomination as US secretary of state.

Tillerson was scheduled to retire in March when he reaches the company's mandatory retirement age of 65. But the date was moved forward "given the significant requirements associated with the confirmation process," the company said.

Woods, 51, was elected president and a member of the board in January this year. He joined the major in 1992, holding various positions in refining, chemicals and supply businesses. He also heads ExxonMobil Refining & Supply, looking after the company's global refining, supply and transportation activities.

Tillerson, who joined the company in 1975, was appointed chief executive in January 2006.

ExxonMobil saw mixed results during Tillerson's tenure. The company logged record annual capital spending (\\$42.5bn in 2013) and record profits (\\$45.2bn in 2008), and it continued to grow its dividend to shareholders and pushed share buybacks to record levels. But it was also marred by the poorly timed \\$41bn acquisition of onshore US natural gas producer XTO Energy in 2009, just as the natural gas shale boom was about to go bust.