LogIn LogOut

Former Petronas CEO Joins ExxonMobil Board

February 2, 2021

File Photo: Petronas (The image has been cropped)
File Photo: Petronas (The image has been cropped)

ExxonMobil added a new director to its board after months of investor pressure and the top U.S. oil producer on Tuesday also posted its first annual loss as a public company due to the COVID-19 pandemic hammering energy prices.

Tan Sri Wan Zulkiflee Wan Ariffin, a former chief executive officer of Malaysian state energy firm Petronas, has been elected to its board, Exxon said.

Exxon was last week reported to be in talks with D.E. Shaw about changes to its board, which followed a campaign launched by newly founded fund Engine No. 1.

Engine No. 1 has formally launched a proxy fight and nominated four members to Exxon's board on Jan. 27.

The pressure follows years of decline in the company's stock, which has underperformed its closest U.S. rival, Chevron Corp, by a long margin in the last five years.

Exxon didn't disclose details, but said it is talking with other board candidates as part of an ongoing "refreshment" process, and will take further action in the near term.

The company had earlier said it has engaged with Engine No. 1 since mid-December and will evaluate the fund's nominees.

(Reporting by Shariq Khan in Bengaluru; Editing by Sriraj Kalluvila)

Current News

OPEC+ to Weigh Modest Output Boost, Sources Say

OPEC+ to Weigh Modest Output Boost, Sources Say

PTTEP Finds More Gas Offshore Malaysia

PTTEP Finds More Gas Offshore Malaysia

Petronas Strikes Oil Offshore Indonesia

Petronas Strikes Oil Offshore Indonesia

Floating Offshore Wind: The Next Big Thing for Asia Pacific?

Floating Offshore Wind: The Next Big Thing for Asia Pacific?

Bumi Armada Amends Loan Maturity Date. Cites Coronavirus Impact

Bumi Armada Amends Loan Maturity Date. Cites Coronavirus Impact

Euronav Sells and Leases Back VLCC Newton

Euronav Sells and Leases Back VLCC Newton

Saipem Bags $1.7B Deal to Build Offshore Facilities for Qatar's North Field

Saipem Bags $1.7B Deal to Build Offshore Facilities for Qatar's North Field

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com