Photo: Illustration; Source: ExxonMobil

ExxonMobil names two new board members

U.S. energy major ExxonMobil Corporation has appointed two new members of the company’s board of directors.

ExxonMobil said on Monday that it named Michael Angelakis and Jeffrey Ubben to the board. Angelakis is chairman and CEO of Atairos, an independent strategic investment company focused on supporting growth-oriented businesses across a range of industries.

Before founding Atairos, he served as Comcast Corporation’s vice chairman and chief financial officer. In those roles, Angelakis led strategic planning, capital allocation and corporate development, including overseeing Comcast’s successful transition into media and other technologies.

Angelakis is a non-executive director of TriNet Group and Groupon and is a former chairman of the Federal Reserve Bank of Philadelphia.

Ubben co-founded Inclusive Capital Partners, a San Francisco-based investment firm focused on increasing shareholder value and promoting sound environmental, social and governance practices. Previously, he was a co-founder of ValueAct Capital Partners, an investment firm emphasizing strong, constructive relationships with company management teams and boards. He is currently a non-executive director for Appharvest, Enviva Partners, and Nikola Corporation.

Darren Woods, chairman and CEO of ExxonMobil, said: “We welcome these new directors as part of our ongoing board refreshment, which builds on the diverse global business experience of our current members. Michael and Jeff’s expertise in capital allocation and strategy development has helped companies navigate complex transitions for the benefit of shareholders and broader stakeholders.

Their contributions will be valued as ExxonMobil advances plans to increase shareholder value by responsibly providing needed energy while playing a leadership role in the energy transition”.

With the election of Angelakis and Ubben, the ExxonMobil board increased to 13 directors, 12 of whom are independent.

In recent years, the company has pursued additional board expertise in the areas of climate science, asset and risk management, and relevant industry experience.

Seven independent directors have been appointed since 2016. The average director tenure for the ExxonMobil board is less than five years, compared to an average of eight years for companies in the S&P 500.

In a separate announcement, ExxonMobil said that the president of ExxonMobil Global Projects Company Neil Duffin decided to retire on 1 April 2021 after 41 years with ExxonMobil.

The board of directors of ExxonMobil Global Projects Company will replace Duffin with Jon Gibbs, the currently senior vice president of the company.

Duffin joined Mobil in 1979 and has held a variety of managerial positions in production, operations, and development.

He was elected president of ExxonMobil Development Company in 2007, followed by president of ExxonMobil Production Company in 2017.  He assumed his current role as president of ExxonMobil Global Projects Company in 2019.

His replacement – Jon Gibbs – joined Exxon Company USA in 1993 as an engineer and has held increasingly senior roles throughout his career. He was appointed president of ExxonMobil Global Services Company in 2019.