Exxon Mobil Shareholders Reject Proposal To Split CEO, Chair Roles

Exxon Mobil Corp. (NYSE: XOM) shareholders rejected a proposal on May 30 that would have split the roles of chairman and CEO, securing CEO Darren Woods’s role as he looks to improve results at the world’s largest publicly traded oil producer.

Woods, who became chairman and CEO in January 2017, has struggled to recover from failed bets taken by his predecessor Rex Tillerson, the former U.S. secretary of state, that resulted in billions of dollars in write-downs and a stock price that has lagged peers.

Exxon Mobil under Woods has moved aggressively to launch major expansion programs to find and produce new reserves of oil and natural gas, as well as expand the company’s refining and chemical footprint.