Exxon Mobil Corp. activist investor Engine No. 1 expanded its presence on the oil giant’s board to three seats, according to preliminary vote tallies, cementing a victory that has reverberated across the energy industry.
The initial counts show the newest nominee from Engine No. 1’s slate elected to Exxon’s 12-member board is private-equity investor Alexander Karsner, Exxon said Wednesday in a statement.
The results, which still need to be certified, confirmed an earlier report by Bloomberg News.
The outcome is a coup for Engine No. 1, a new and previously unproven player in the realm of activist investing, which, despite holding a miniscule stake in Exxon, eventually amassed broad support from major institutional holders following a six-month proxy fight.
Karsner joins Gregory Goff, former chief executive officer of refiner Andeavor, and environmental scientist Kaisa Hietala, whose victories were announced last week shortly after Exxon’s May 26 annual general meeting. The voting also shows investors rejected Wan Zulkiflee, a former oil expective who leaves the board just four months after Exxon appointed him.Exxon New Board Members: Activist Seen Winning 3rd XOM Seat in Preliminary Vote – Bloomberg