The fund singled out for removal three former chief executives of prominent U.S. companies and the former head of Malaysia's state-run oil firm who joined the board last month. Exxon has named three new directors since February, including Wan Zulkiflee Wan Ariffin, (pic) the former CEO of Malaysia's Petronas.
The activist investor leading a proxy fight to reshape Exxon Mobil Corp on Monday named the four directors it wants shareholders to remove at the oil company's upcoming annual general meeting.
The investor, Engine No. 1, is a small fund that last year took on the top U.S. oil producer for what it said was poor financial returns and a lagging approach to cleaner fuels. Exxon since has vowed to cut its debt, invest more in low-carbon initiatives, and improve returns.
Limited time offer:
Just RM5 per month.
