• Most Popular
  • Most Shared

Rockefeller family members urge change at Exxon

Mon Apr 28, 2008 5:07pm EDT

Stocks

   

HOUSTON, April 28 (Reuters) - Members of the wealthy U.S. Rockefeller family who are shareholders of Exxon Mobil Corp (XOM.N) are concerned about the oil company's direction under Chief Executive Rex Tillerson and support a bid to split his job, and name an independent chairman to the board.

Stocks  |  Global Markets

Descendants of oil baron John D. Rockefeller have sponsored four shareholder proposals this year that raise a range of concerns about Tillerson's failure to address the future of energy and related industry hurdles, they said.

The family is also pushing for a bigger role for Exxon's board of directors. The family's stake in the company was not immediately known, according to a spokesman.

Several family members plan to hold a rare news conference on Wednesday in New York to discuss their concerns, they said in a statement on Monday.

Rockefeller founded the Standard Oil Co in 1870, which was a precursor to Exxon Mobil. Exxon Mobil is the world's largest publicly traded oil company based on market capitalization.

"The board believes that the most effective leadership structure for Exxon Mobil Corporation at the present time is for Mr. Tillerson to serve as both Chairman and CEO," Exxon said in response to the proposal for an independent director in its annual proxy statement.

Exxon's annual meeting is scheduled for May 28.

Shares of Exxon Mobil closed off 1 cent at $92.45 on the New York Stock Exchange. (Reporting by Anna Driver in Houston; editing by Jeffrey Benkoe)

Stocks
Global Markets


More from Reuters

Joint Terminal Attack Controller SSgt Clinton J. Herbison, a U.S. Airman from the 817 Expeditionary Air Support Operations Squadron (EASOS) takes a break during a night mission near Honaker Miracle camp at the Pesh valley of Kunar Province August 12, 2009. Credit: REUTERS/Carlos Barria

Pictures of the Year

A look at the best photos of 2009.  Slideshow 

    PICTURES
    The Dalai Lama jokes with a nasal spray after being asked his opinion on the swine flu during a press conference after his first lecture in Lausanne, Switzerland, August 4, 2009. REUTERS/ Valentin Flauraud

    What a wacky year it's been...

    Um, what's up the Dalai Lama's nose? "Oddly Enough" editor Bob Basler rounds up the goofiest photos of the year.  Full Article 

    Oddly Enough
    A caution sign is seen next to a stock board at the Australian Securities Exchange (ASX) in Sydney September 5, 2008. REUTERS/Daniel Munoz
    Political Risk in 2010:

    Don't say we didn't warn you

    With the financial crisis (mostly) in the past, U.S. investors are eying a fresh start to the coming year. Here's a look at what speedbumps lie ahead.  Full Article 

    Global Markets