That position is likely to be filled by Darren Woods, the company’s president and member of the board of directors.

Woods, 51, has been seen as the heir-apparent for a while. As president — a role he assumed in January — he holds the very same title that Tillerson held before he was promoted to CEO in 2006. And while the circumstances of Tillerson’s pending exit may have come as a surprise, the exit itself has been in stone since the beginning. Exxon’s mandatory retirement age is 65, meaning Tillerson would have to retire in March 2017. There’s no question the well-oiled oil giant has been grooming a replacement.

A spokesperson for Exxon Mobil told Fortune on Tuesday that the board will be “meeting shortly regarding transition” but declined to comment on whether Woods is under consideration.

Woods, a Kansas native who studied electrical engineering at Texas A&M and has a master’s in business from Northwestern University, joined Exxon in 1992 as a planning analyst. He’s held a variety of positions in the last two decades, including a stint in Brussels as director of refining for Europe, Africa, and the Middle East.

If appointed CEO, Woods will likely earn significantly more than the $10.3 million he saw in 2015. Tillerson’s 2015 compensation checked in at $27.3 million, including a base salary of $3 million.

Related: Secretary of State Pick Rex Tillerson Had a Mixed Record as Exxon CEO

He will also inherit a company that’s struggling to regain ground amid a collapse in oil prices. Exxon saw revenue plunge 13% and profits plummet nearly 40% in the third quarter, extending a streak of declines that began in 2014. Looking to cut costs, the Irving, Texas-based corporation has reportedly slashed more than $9 billion in production investment so far this year.

In April, Exxon had its AAA credit rating downgraded by Standard & Poor’s for the first time in 67 years.