Oil Company Exec To Face Fire
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Oil Company Exec To Face Fire
The CEO and Chairman of Exxon Mobil will likely have a fight on his hands Wednesday at a shareholder’s meeting in North Texas.
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(May 28, 2008)—Exxon Mobil chairman and CEO Rex Tillerson will likely have a fight on his hands at shareholders meeting in Dallas, Wednesday.

Tillerson is trying to keep both top jobs at the world's biggest publicly traded oil company. Some members of the Rockefeller family, as well as other shareholders, are pushing to divorce the roles.

Much of the advance focus has been on a resolution to name an independent director as company chairman, essentially prohibiting Rex Tillerson from holding that job and that of CEO.

Tillerson has served in both roles since 2006.

Descendants of John D. Rockefeller, the founder of Exxon Mobil predecessor Standard Oil Corporation, as well as institutional investors in the U.S. and abroad have lined up behind the proposal.

Critics say the company is too focused on short-term gains from rising oil prices and that it should invest more in cleaner technology for the future.



Latest Comments

Posted by: Linda Location: Central Texas on May 28, 2008 at 09:42 AM

If Tellerson thinks he has a problem now just wait until the American Public finally get enough of the rising gasoline and oil prices then he will not know what hit him. I wish I could talk to him personally boy would he get an ear full.
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