A view of the Exxon Mobil Refinery in Baytown, Texas.
Jessica Rinaldi | Reuters
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Activist investor Jeff Ubben will join Exxon Mobil’s board of directors, CNBC’s David Faber said.
Mike Angelakis, Chairman and CEO of Atairos and former CFO of Comcast, also joins the board.
The move comes as Exxon faced shareholder pressure to reorganize its board of directors in light of the company’s weak stock price. Exxon’s Investor Day is Wednesday.
D.E. Shaw, who pushed Exxon for changes, is said to be supporting the nominations, according to sources.
Ubben founded Inclusive Capital Partners in 2020 after retiring from ValueAct, the firm founded in 2000. In his final years with the company, he headed ValueAct’s Spring Fund, which focused on sustainable investing.
According to the sources, Ubben is expected to become a significant Exxon shareholder over time. Ubben is no stranger to when it comes to investing in oil and gas companies. While at ValueAct, he got involved in BP and said traditional energy companies can be in ESG portfolios.
Exxon has come under fire for not investing in the future of energy. Earlier this year, the company announced plans to invest $ 3 billion in carbon capture and other emission-reducing technologies.
The stock rose 4% during premarket trading on Monday.
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