AGL 38.54 Increased By ▲ 0.97 (2.58%)
AIRLINK 129.50 Decreased By ▼ -3.00 (-2.26%)
BOP 5.61 Decreased By ▼ -0.03 (-0.53%)
CNERGY 3.86 Increased By ▲ 0.09 (2.39%)
DCL 8.73 Decreased By ▼ -0.14 (-1.58%)
DFML 41.76 Increased By ▲ 0.76 (1.85%)
DGKC 88.30 Decreased By ▼ -1.86 (-2.06%)
FCCL 35.00 Decreased By ▼ -0.08 (-0.23%)
FFBL 67.35 Increased By ▲ 0.85 (1.28%)
FFL 10.61 Increased By ▲ 0.46 (4.53%)
HUBC 108.76 Increased By ▲ 2.36 (2.22%)
HUMNL 14.66 Increased By ▲ 1.26 (9.4%)
KEL 4.75 Decreased By ▼ -0.11 (-2.26%)
KOSM 6.95 Increased By ▲ 0.10 (1.46%)
MLCF 41.65 Decreased By ▼ -0.15 (-0.36%)
NBP 59.60 Increased By ▲ 1.02 (1.74%)
OGDC 183.00 Increased By ▲ 1.75 (0.97%)
PAEL 26.25 Increased By ▲ 0.55 (2.14%)
PIBTL 5.97 Increased By ▲ 0.14 (2.4%)
PPL 146.70 Decreased By ▼ -1.70 (-1.15%)
PRL 23.61 Increased By ▲ 0.39 (1.68%)
PTC 16.56 Increased By ▲ 1.32 (8.66%)
SEARL 68.30 Decreased By ▼ -0.49 (-0.71%)
TELE 7.23 Decreased By ▼ -0.01 (-0.14%)
TOMCL 35.95 Decreased By ▼ -0.05 (-0.14%)
TPLP 7.85 Increased By ▲ 0.45 (6.08%)
TREET 14.20 Decreased By ▼ -0.04 (-0.28%)
TRG 50.45 Decreased By ▼ -0.40 (-0.79%)
UNITY 26.75 Increased By ▲ 0.35 (1.33%)
WTL 1.21 No Change ▼ 0.00 (0%)
BR100 9,806 Increased By 37.8 (0.39%)
BR30 29,678 Increased By 278.1 (0.95%)
KSE100 92,304 Increased By 366.3 (0.4%)
KSE30 28,840 Increased By 96.6 (0.34%)
Business & Finance

Exxon adds activist Jeff Ubben, ex-Comcast CFO to board

  • Exxon's shares, which have lagged closest rival Chevron Corp by a long margin in the last five years, rose 4% in premarket trading to $56.55.
  • After Ubben and Angelakis' appointment, Exxon said its board now has 13 directors, 12 of whom are independent.
Published March 1, 2021

Exxon Mobil Corp on Monday added activist investor Jeff Ubben and former finance head of Comcast Corp Michael Angelakis to its board, responding to investor pressure for changes at the top US oil producer after years of underperformance.

Exxon's shares, which have lagged closest rival Chevron Corp by a long margin in the last five years, rose 4% in premarket trading to $56.55.

Ubben, who co-founded activist hedge fund ValueAct in 2000, is allied with Exxon investor and prominent hedge fund D.E. Shaw, which has been pushing the company to cut costs and make other changes.

In January, newly formed fund Engine No. 1 launched a proxy battle for board seats, saying the company needs to do more to tackle its impact on climate change. Its campaign is supported by pension fund California State Teachers' Retirement System.

After Ubben and Angelakis' appointment, Exxon said its board now has 13 directors, 12 of whom are independent.

The appointments come after Tan Sri Wan Zulkiflee Wan Ariffin, a former chief executive officer of Malaysian state energy firm Petronas, joined Exxon's board last month.

Comments

Comments are closed.