An independent chairman and a greater role for the board of directors at Exxon Mobil are among the changes being sought by the Rockefeller family, the longest continuous shareholder in the oil company.
Descendents of oil baron John D. Rockefeller have scheduled a press conference for tomorrow in New York, according to a report in the Financial Times.
Family shareholders are concerned about the oil company’s direction underChief Executive Rex Tillerson and support a bid to split hisjob, and name an independent chairman to the board. They have sponsoredfour shareholder proposals this year that raise a range ofconcerns about Tillerson’s failure to address the future ofenergy and related industry hurdles, they said.
The family is also pushing for a bigger role for Exxon’sboard of directors. The family’s stake in the company was notimmediately known, according to a spokesman.
Rockefeller founded the Standard Oil Co in 1870, which wasa precursor to Exxon Mobil. Exxon Mobil is the world’s largestpublicly traded oil company based on market capitalization.
“The board believes that the most effective leadershipstructure for Exxon Mobil Corporation at the present time isfor Mr. Tillerson to serve as both Chairman and CEO,” Exxonsaid in response to the proposal for an independent director inits annual proxy statement.