Rockefellers Want Change at Exxon

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 under Chief Executive Rex Tillerson and support a bid to split his job, and name an independent chairman to the board. They have sponsored four shareholder proposals this year that raise a range of concerns about Tillerson's failure to address the future of energy and related industry hurdles, they said.

The family is also pushing for a bigger role for Exxon's board of directors. The family's stake in the company was not immediately known, according to a spokesman.

Rockefeller founded the Standard Oil Co in 1870, which was a precursor to Exxon Mobil. Exxon Mobil is the world's largest publicly traded oil company based on market capitalization.

"The board believes that the most effective leadership structure for Exxon Mobil Corporation at the present time is for Mr. Tillerson to serve as both Chairman and CEO," Exxon said in response to the proposal for an independent director in its annual proxy statement.