Exxon Mobil Corp. said it has added Michael Angelakis and Jeffrey Ubben to its board after the energy giant faced pressure from a pair of activist investors.
Mr. Angelakis is the chairman and chief executive officer of private-equity firm Atairos. Mr. Ubben is the co-founder of Inclusive Capital Partners, an investment firm focused on promoting environmental, social and governance practices.
“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,” Exxon Chairman and Chief Executive Darren Woods said.
The Wall Street Journal in January reported that the company was preparing to make changes to its board and adopt further measures to reduce its carbon footprint. The company had discussed adding one or more new directors to its board and stepping up sustainability investments.
Exxon was in talks with D.E. Shaw Group, the Journal reported. D.E. Shaw on Monday said it welcomes the board additions. The other activist, Engine No. 1 LLC, has nominated four candidates to Exxon’s board, including Gregory Goff, the former CEO of refiner Andeavor, which was sold to Marathon Petroleum Corp.
