U.S.-based oil major ExxonMobil said on Monday activist investor Jeffrey Ubben and Michael Angelakis have joined its board.
Angelakis is chairman and CEO of independent strategic investment company Atairos. Prior to founding Atairos, he served as Comcast Corporation’s vice chairman and chief financial officer. Angelakis is a non-executive director of TriNet Group, Inc. and Groupon, Inc., and is a former chairman of the Federal Reserve Bank of Philadelphia.
Ubben co-founded Inclusive Capital Partners, a San Francisco-based investment firm focused on increasing shareholder value and promoting sound environmental, social and governance practices. Previously, he was a co-founder of investment firm ValueAct Capital Partners. He is currently a nonexecutive director for Appharvest Inc., Enviva Partners LP and Nikola Corporation.
“We welcome these new directors as part of our ongoing board refreshment, which builds on the diverse global business experience of our current members,” said Darren Woods, chairman and chief executive officer of Exxon Mobil Corporation. “Michael and Jeff’s expertise in capital allocation and strategy development has helped companies navigate complex transitions for the benefit of shareholders and broader stakeholders. Their contributions will be valued as ExxonMobil advances plans to increase shareholder value by responsibly providing needed energy while playing a leadership role in the energy transition.”
With the election of Angelakis and Ubben, the ExxonMobil board increased to 13 directors, 12 of whom are independent. In recent years the company has pursued additional board expertise in the areas of climate science, asset and risk management and relevant industry experience. Seven independent directors have been appointed since 2016.