Exxon Mobil Corp. (NYSE: XOM) Chairman and CEO Rex Tillerson will keep both positions, as a shareholder resolution aimed at splitting the responsibilities between two people failed to pass at the oil company’s annual meeting yesterday.
The resolution, which was spearheaded by descendants of John D. Rockefeller, the founder of Exxon Mobil predecessor Standard Oil Corp, was one of 17 that failed to pass. Many were proposed by environmentally minded shareholders who object to what they say is a short-sighted focus by the company on oil and gas, with little development in renewable energy.
All 17 resolutions were opposed by the company’s board.
Read the Associated Press story.
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