Exxon Mobil Corp. appointed activist investor Jeff Ubben and former Comcast Corp. executive Michael Angelakis to its board following investor criticism of.
Exxon Mobil Corp. has appointed activist investor Jeff Ubben and former Comcast Corp. executive Michael Angelakis to its board.
(Bloomberg) Exxon Mobil Corp. appointed activist investor Jeff Ubben and former Comcast Corp. executive Michael Angelakis to its board following investor criticism of the oil giant for its environmental record and poor financial performance.
The additions bring the number of directors on the board to 13, Exxon said in a statement. Bloomberg News first reported Ubben was being considered for the role last month. Exxon’s shares rose as much as 4.8% in pre-market trading in New York on Monday.
The contributions of Ubben and Angelakis “will be valued as ExxonMobil advances plans to increase shareholder value by responsibly providing needed energy while playing a leadership role in the energy transition,” Exxon Chief Executive Officer Darren Woods said in the statement.
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LONDON/HOUSTON (Feb 22): Exxon Mobil Corp has already upped its climate plans, only three months into an activist investor’s campaign to force change inside the company. Now the group, Engine No. 1, is pushing the oil giant to set a new goal: net-zero greenhouse gas emissions by 2050.
Engine No. 1 released a letter on Monday reiterating its call for Exxon to overhaul its board of directors by adding four new members who have the expertise to steer the company towards climate neutrality. That’s a goal already adopted by European oil producers such as BP Plc, Royal Dutch Shell Plc and Total SA. Exxon and fellow US supermajor Chevron Corp have resisted.
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