According to the Associated Press, Tillerson had returned from a shortened trip to Africa just hours before the announcement.
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Tillerson, a former Exxon Mobile CEO, has always been rumored to be unhappy with Trump's constant undermining of the State Department's stance on issues.
"I am deeply grateful to President Trump for permitting me to serve as Director of the Central Intelligence Agency and for this opportunity to serve as Secretary of State", Pompeo said in a statement. He will do a fantastic job!
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Schultz will the lead the 74-member delegation in Friday's opening ceremony, which will be shown on NBC Sports Network at 6 a.m. South Korean diplomats visited North Korea earlier in the week, before heading to Washington D.C.to debrief the White House.
Pompeo is to be replaced at CIA by Gina Haspel, Pompeo's deputy at CIA, Trump tweeted. He added, "I want to thank Rex Tillerson for his service".
Last week, Trump's chief economic advisor Gary Cohn resigned after the president announced he would impose tariffs on steel and aluminum imports. The President has not yet given any explanation for the change.
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Check back for updates on this breaking story and read Wednesday's Arkansas Democrat-Gazette for full details.