Former Exxon Mobil CEO Rex Tillerson reached an agreement with the oil giant's board of directors to sever his ties with the company.

The move is meant to ensure Tillerson, whom President-elect Donald Trump Donald John TrumpTrump says he doesn't think he could've done more to stop virus spread Conservative activist Lauren Witzke wins GOP Senate primary in Delaware Trump defends claim coronavirus will disappear, citing 'herd mentality' MORE has picked to serve as secretary of State, complies with the conflict-of-interest requirements that come with the nomination, according to a news release from the company.

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If Tillerson is confirmed to the position, the more than $2 million in deferred Exxon Mobil Corp. shares he would have received over the next 10 years will be put in an independently managed trust. The trust will not be allowed to invest in Exxon Mobil, the company said.

Exxon Mobil share awards would also be canceled.

Tillerson would also "surrender entitlement to more than $4.1 million in cash bonuses, scheduled to pay out over the next three years, and other benefits such as retiree medical and dental benefits, and administrative, financial and tax support," according to the news release.

"The net effect of the agreement is a reduction of approximately $7 million in compensation owed to Tillerson," the release said.

Since Trump tapped Tillerson to serve as the nation's top diplomat, questions have been raised about the former Exxon Mobil CEO's business holdings and ties to Russian President Vladimir Putin.