ExxonMobil CEO Tillerson to be replaced by president Woods

Oil corporation ExxonMobil will replace outgoing chief executive Rex Tillerson with current president Darren Woods, the company's board has confirmed.

Tillerson is leaving his position as CEO after being offered a job in Washington as president-elect Donald Trump's Secretary of States. He was chosen partly because of his close ties with Russia and its leader Vladimir Putin.

The board's decision was widely expected as it follows the traditional step up for the person who occupies the president role in the company. Woods has worked at Exxon for the last 24 years, emerging to lead the firm's refining and transport operations.

In a statement, the company praised Tillerson's work over four decades, and said that due to the confirmation process associated with his new position, it was appropriate for him to take early retirement.

"We thank Rex for his leadership, service and dedication to ExxonMobil," Exxon's board said.

"He led the company with integrity and honor, ensuring that safety and environmental protection were at the forefront of everything we do, generating value for shareholders and highlighting the impressive accomplishments of the company’s diverse workforce throughout the world," they added.

Exxon is the largest publicly traded international oil and gas company in the world, but faces a challenging future as the majority of governments look towards more renewable sources of energy.