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Tuesday, 02 December, 2008, 22:10 GMT | more >>

Rockefellers seek ExxonMobil changes


Wire services

Members of the wealthy US Rockefeller family who are shareholders of ExxonMobil 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.

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 ExxonMobil'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 tomorrow in New York to discuss their concerns, they said in a statement yesterday.

Rockefeller founded the Standard Oil Company in 1870, which was a precursor to ExxonMobil. ExxonMobil is the world's largest publicly traded oil company based on market capitalisation.

"The board believes that the most effective leadership structure for ExxonMobil at the present time is for Mr Tillerson to serve as both chairman and chief executive," ExxonMobil said in response to the proposal for an independent director in its annual proxy statement.

Exxon's annual meeting is scheduled for 28 May, Reuters reported.


Tuesday, 29 April, 2008, 03:50 GMT  | last updated: Tuesday, 29 April, 2008, 04:46 GMT

Too much power?: ExxonMobil chief executive Reg Tillerson
 

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