"I am proud to nominate the Director of the Central Intelligence Agency, Mike Pompeo, to be our new Secretary of State", Trump said in a statement. He will do a fantastic job! Mr Trump also had words of praise for Tillerson: "Finally, I want to thank Rex Tillerson for his service".
Trump said he is nominating CIA Director Mike Pompeo to replace Tillerson.
A senior White House official said: "The president wanted to make sure to have his new team in place in advance of the upcoming talks with North Korea and various ongoing trade negotiations".
"I am confident (Pompeo) is the right person for the job at this critical juncture", Trump said in a statement.
Trump announced the removal of Tillerson on social media Tuesday morning.
It was reported by the Washington Post that Mr Tillerson was informed of his dismissal several days ago.
It was the latest shake up in Trump's administration.
The two have also differed in their attitudes toward Russian Federation; while Trump prefers to give Vladimir Putin the benefit of the doubt on nearly everything, Tillerson has taken a more traditional and skeptical view of the country.
Tillerson and Cohn join the ranks of chief of staff Reince Priebus, former communications directors Hope Hicks, Anthony Scaramucci and Mike Dubke, press secretary Sean Spicer, staff secretary Rob Porter, HHS director Tom Price, deputy assistant Sebastian Gorka, chief strategist Steve Bannon, FBI director James Comey, national security advisor Mike Flynn and many other high-ranking officials that have resigned or been fired.
Trump had not offered an explanation for the change at the time of the announcement.
More on this as it develops.
Paul Pogba misses Manchester United training ahead of Sevilla clash
They rarely allowed United any meaningful time on the ball during the first leg and created a number of chances. The 36-year-old moved to Old Trafford from Tottenham Hotspur in the summer of 2006.