June 18, 2021

The two new Exxon board members poised to shake up insular culture

The first Exxon Mobil (XOM.N) directors not appointed by the company include an executive versed in renewable fuels and a “prudent” risk taker and disrupter poised to challenge the oil company’s ways, said people familiar with his career.

Activists pressing Exxon to cut spending, boost returns and prepare for a lower-carbon future got a victory on Wednesday when shareholders elected Gregory Goff, a 64-year-old former top executive at Marathon Petroleum (MPC.N) and Andeavor, and former Neste Oyj (NESTE.HE) executive Kaisa Hietala. The vote followed a bruising battle led by a hedge fund. L2N2ND16X

The two face an insular corporate culture renowned for slow-to-change ways. Goff and Hietala will be two voices among a 12-person board that has had six directors handpicked by Exxon’s current chief executive Darren Woods.

Goff was unavailable to comment according to spokeswoman for hedge fund…

Read full article here: www.reuters.com