Oil major Exxon Mobil Corp (XOM.N) said President Darren Woods would become chief executive in January after the retirement of Rex Tillerson, who is U.S. President-elect Donald Trump's pick for secretary of state, Reuters reported.
Exxon said Tillerson, 64, will retire at the end of the year and Woods, 51, would take over as chairman and CEO, effective Jan. 1.
Tillerson got his start as a production engineer at Exxon in 1975 and has worked there ever since, running business units in Yemen, Thailand and Russia before landing the top job in 2006.
He was expected to retire next year, when he turned 65, the company's mandatory retirement age for its CEO.
The retirement date had been advanced due to "the significant requirements associated with the confirmation process," Exxon said.
Trump on Tuesday formally announced Tillerson as his nomination to serve as secretary of state, citing his "tenacity, broad experience and deep understanding of geopolitics."