disruptpress efi
Finance

Activist investor Jeff Ubben to join Exxon Mobil’s board, sources say

A view of the Exxon Mobil refinery in Baytown, Texas.

Jessica Rinaldi | Reuters

This is breaking news. Check back for updates.

Activist investor Jeff Ubben will join Exxon Mobil’s board of directors, sources told CNBC’s David Faber.

Mike Angelakis, the chairman and chief executive officer of Atairos and former CFO of Comcast, is also joining the board, sources said.

The move comes as Exxon has faced pressure from shareholders to reshuffle its board amid the company’s languishing stock price. Exxon’s investor day is Wednesday.

D.E. Shaw, which has been pushing Exxon for changes, is expected to support the nominations, according to the sources.

Ubben founded Inclusive Capital Partners in 2020, after stepping away from ValueAct, the firm he founded in 2000. In his last few years at the firm he oversaw ValueAct’s Spring Fund, which was focused on sustainable investing.

Ubben is expected to become a significant Exxon shareholder over time, according to the sources. Ubben’s no stranger when it comes to investing in oil and gas companies. While at ValueAct he took a stake in BP, saying traditional energy companies can belong in ESG portfolios.

The stock jumped 4% during premarket trading on Monday.

Subscribe to CNBC PRO for exclusive insights and analysis, and live business day programming from around the world.

Products You May Like

Articles You May Like

How To Scale A Business Without Skewering It
Entertainment venues still waiting for a lifeline as tech glitches snarl Covid relief applications
Dick’s Sporting Goods just opened a massive store with a virtual driving range and outdoor track. Here’s a look inside
Rolls-Royce hits new sales record in the first quarter as the wealthy demand luxury cars
If Medicare Is In Your Near Future, Set Up Your My Social Security Account Today

Leave a Reply

Your email address will not be published. Required fields are marked *