Exxon Mobil in talks with DE Shaw over new directors

Bloomberg

Exxon Mobil Corp was expected to announce board changes, and talks were continuing with investor DE Shaw & Co that might lead
to additional director nominations in the weeks ahead, according to people familiar with the matter.
DE Shaw met with representatives from the oil giant and presented a list of potential directors, the people said, asking not to be identified because the discussions are private.
Exxon agreed to review the candidates, and has extended
the deadline for
DE Shaw to formally nominate directors
in order to allow the talks to continue, they said.
Representatives for Exxon and DE Shaw declined to comment on the talks.
Exxon has come under sustained shareholder pressure in recent weeks as it continues to bleed cash amid low oil prices while also facing questions over its climate strategy.
Despite being the largest US oil company, none of Exxon’s current directors joined with significant experience of the industry.
DE Shaw has built a sizable position in Exxon and is urging the company to cut spending to improve its performance and protect its dividend, people familiar with the matter said in
December.
The investment
firm sent a letter to
the company in which it argued change
is needed at the
company, which had
consistently underperformed its rival Chevron Corp, the people said at the time.