2 Directors from Engine No. 1 will be sitting in ExxonMobil’s board of directors. What does it mean?
Any comment?
14 replies (most recent on top)
It means Darren keeps WINNING!
Let us take a moment to review some of his other game changing accomplishments as CEO:
67% reduction in stock price and market value ($89 in January 2017 and $58 today)
Booted from the Dow JIA after 100 years while Chevron kept in it
Record number of consecutive quarterly losses in ExxonMobil history
Loss of trust of most of the workforce due to poor decisions and callous treatment of employees
I am heartened that Darren is on track to have raked in $100 million in total compensation during his first 4 years as CEO. Well earned, Darren. Keep up the good work!
I remember when that HS coach took over the Oilers.
Don't you know, he shook it up.
Astrodome rockin!
Two E1 directors got added to the board, a possible third could join pending final vote count. Everyday employees won't feel anything initially. New board members won't be able to implement quick rapid changes but will have much more influence than all the pressuring from outside the company which has been the activist norm for years. Slowly and surely, these two (maybe three) board members will be able to challenge the status quo. Since the board compensation committee has the ultimate say on compensation for high CL employees, VP and above will feel the pressure sooner. Eventually employees will feel change. This company is undergoing enormous change and will continue to undergo significant change in the years to come. Which changes are implemented and how they are implemented will be different with the addition of these two directors, but make no mistake that regardless of who is on the board, the focus on profitability is locked and loaded. So what is the impact to you? If you have a check the box role, or if you cannot justify in 30 seconds or less why YOU are valuable to the company, you should feel like you are at risk no matter how long your power walk, how many printouts you pick up, or notes you take in meetings. But that's just a silly of controllers opinion
This is bad news. These hedge funds are after a quick buck. Stock will rise, they’ll take their gains on the backs of the Teachers Unions and other loco investors. Watch and see, they’re not in for the long haul.
Oh boy here comes the 401k match reinstatement and end of stacked ranking… LOL nothing will change.
This shake-up won’t happen again. Only the $35/share slump allowed it.
@mfy+1b2S3J33 I hope all the old board members get PIP. I only mentioned that there is 4 new board members compared to the majority of 8 old exxon board members. There no opinion on my message, just the state Exxon is in.
Glad you interpret my message correctly. I really hope Exxon didn't get a bright fellow like you in their company.
https://fortune.com/2021/05/26/exxonmobil-agm-landmark-vote-shareholders/
Hey @heg! Yeah! Sure! Keep going about your business in the face of another activist investor revolt next year, the loss of more board seats, and the majority on the board!
Solid plan! You must be a high performer with that valuable insight!
One of the board members elected, Greg Goff, was previously the CEO of a US based refining company. Before that, I believed he worked for ConocoPhillips for a while. I don’t see how he could be that bad.
Two on a BOD of 12. Minority say. Keep working.
If they win 4 seats it will be 4 new members vs the 8 old exxon board
Get your resumes ready. I'm talking to you, DW.
Things either stay the same or they get shaken up. Increased chances DW loses his chairman seat now. Also we have no idea what that means for us. Could lead to more layoffs. Might not. Too soon to know