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Exxon Mobil Corp NYSE:XOM NYSE Common Stock
  Price Change % Change Share Price High Price Low Price Open Price Shares Traded Last Trade
  1.70 2.87% 61.00 60.875 59.93 59.95 20,724,896 00:59:56

Activist Investor At Exxon Presses Case For Board Slate

15/03/2021 2:53pm

Dow Jones News


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By Micah Maidenberg

 

Exxon Mobil Corp. shareholder Engine No. 1 criticized how the oil giant has recently added three new directors and asked stock owners to support its four nominees to the board.

Engine, launched by technology investor Chris James, said Monday that the Exxon board's process for adding new directors recently was "highly flawed."

Earlier this month, the company said Michael Angelakis, chief executive of investment firm Atairos and a former finance chief at Comcast Corp., and Jeffrey Ubben, co-founder of investment firm Inclusive Capital Partners, joined its board.

Last month, the board added Tan Sri Wan Zulkiflee Wan Ariffin, who formerly served as group CEO at the national oil and gas company for Malaysia, as a director.

In January, Engine nominated four people as Exxon directors as it contended the company wasn't moving fast enough to prepare the company for a changing energy landscape.

The investor said Monday its slate has "generated strong returns in energy and has unique experience directly applicable to the array of challenges facing ExxonMobil."

Exxon CEO Darren Woods has said Messrs. Angelakis and Ubben's "expertise in capital allocation and strategy development has helped companies navigate complex transitions for the benefit of shareholders and broader stakeholders."

Mr. Zulkiflee's global industry experience and ideas around energy transition issues will complement the company's board, Mr. Woods has also said.

Engine wants shareholders in the oil company to support its four-person slate as well as all of the company's nominees except for Steven Kandarian, Douglas Oberhelman, Samuel Palmisano and Mr. Zulkiflee.

Exxon's board has 13 directors with the additions of Messrs. Angelakis and Ubben.

Write to Micah Maidenberg at micah.maidenberg@wsj.com

 

(END) Dow Jones Newswires

March 15, 2021 10:38 ET (14:38 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.

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