Exxon Mobil Corp. added two new directors to its board Monday, as the troubled energy company tries to fend off calls for change from a pair of activist investors.The Texas oil company said activist investor Jeffrey Ubben would join its board, along with Michael Angelakis, the chief executive officer of Atairos Group and former chief financial officer of Comcast Corp. Exxon CEO Darren Woods said the new directors were part of a continuing effort to company’s board and reflected continuing talks it is having with investors.Still, the board changes are not likely to please one of the activist investors targeting Exxon. Engine No. 1 LLC, an activist fund started by technology investor Chris James late last year, stated on Monday that it is proceeding with a planned proxy battle for four board seats.Exxon posted a loss of $22 billion last year, its initial annual loss in modern history, and some of the company’s biggest investors have pressured it to disclose more regarding its carbon footprint and articulate a clearer energy.
Exxon Adds New Board Members Amid Activist Pressure
Published by
July 26, 2024
(GMT+2)
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