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Exxon Chief Raymond Retiring

He'll be replaced by Rex Tillerson.
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(XOM) - Get Exxon Mobil Corporation Report

chief Lee Raymond set plans to retire at year-end. He'll be replaced by President Rex Tillerson.

Exxon said Raymond, 66, has worked at the Irving, Texas, oil giant for 42 years, including 21 as a director. The move comes just a week after the company posted

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another record quarter, featuring $7.6 billion in profit and $88.5 billion in sales, as Exxon cashed in on strong demand and high oil prices.

Exxon said Tillerson, 53, is expected to be elected chairman and CEO, though it didn't say when. The company said its "leadership and succession planning are based on a long-standing system of management development that supports the core values of discipline, integrity, reliability, consistency of purpose and a commitment to technology. This change in leadership is consistent with the board of director's succession plan developed years in advance and further demonstrates the strength of the management development system."

On Thursday, Exxon rose 2 cents to $59.02.