"The new board member is likely to join two other candidates put forward by an activist investor who were declared winners last week."
"Activist investors who dealt a stunning defeat to Exxon Mobil last week secured a third seat on the company’s board on Wednesday when the oil giant announced updated results of a shareholder vote.
While the first two new dissident board members were oil company veterans, the newest member, Alexander A. Karsner, has strong environmental credentials and is expected to pose more of a challenge to senior management. Mr. Karsner’s election sharpened the investor rebuke of the company’s management, which has produced lackluster returns for about a decade.
Investor discontent with Exxon had been building because the company has invested in a number of projects, acquisitions and strategies that have not paid off, including Canadian oil sands and natural gas fields. Critics also believe that the company has been very slow to adapt to a changing energy industry and done too little to reduce carbon emissions even as many European oil companies began investing in wind turbines, solar farms and hydrogen."
Clifford Krauss reports for the New York Times June 2, 2021.
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