FORBES | In January 2017, Rex Tillerson left to join the Trump administration as Secretary of State (and was permitted to sell more than $50 million in directly held Exxon stock tax free). His replacement, CEO Darren Woods — now nearly four years into the job — has presided over a 50% decline in stock price and the degradation of Exxon’s balance sheet as the company has had to borrow to pay dividends.
Investors have already been fleeing. Shares in Exxon XOM -0.1% Mobil, at $40, are down 42% this year — compared with a 9% gain for the S&P 500. Adding insult to injury, Exxon was booted last week from the Dow Jones Industrial Average, in favor of Amgen AMGN +0.2%, Honeywell and Salesforce CRM -3.9%.
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