ExxonMobil and Rex Tillerson have agreed to cut all ties to comply with conflict of interest as the company’s former head awaits confirmation as US Secretary of State.
The company said if his appointment is confirmed, more than two million deferred ExxonMobil shares he would have received in the next 10 years will be transferred to an independently managed trust.
The share awards would be cancelled and Mr Tillerson will also surrender to more than $4.1 million (£3.3m) in cash bonuses, scheduled to pay out over the next three years, along with other benefits.
He is said to have also committed to the State Department that he would sell the more than 600,000 shares he currently owns in the company.
The news comes as President-elect Donald Trump named Mr Tillerson to lead the State Department last year.
He also picked Scott Pruitt, Oklahoma Attorney General and a critic of Barack Obama’s climate change policies, to lead the Environmental Protection Agency.