Media sources said Monday activist investor Jeff Ubben will join Exxon Mobil’s (NYSE:XOM) board of directors.
Mike Angelakis, the chairman and chief executive officer of Atairos and former CFO of Comcast (NASDAQ:CMCSA), is also joining the board, sources said.
The move comes as Exxon has faced pressure from shareholders to reshuffle its board amid the company’s languishing stock price. Exxon’s investor day is Wednesday.
D.E. Shaw, which has been pushing Exxon for changes, is expected to support the nominations, according to the sources.
Amid ongoing pressure from activist investors, Exxon announced a board change during its fourth quarter earnings announcement on Feb. 2, saying it expected "to take further action in the near term."
Ubben founded Inclusive Capital Partners in 2020, after stepping away from ValueAct, the firm he founded in 2000. In his last few years at the firm he oversaw ValueAct’s Spring Fund, which was focused on sustainable investing.
Ubben is expected to become a significant Exxon shareholder over time, according to the sources. Ubben’s no stranger when it comes to investing in oil and gas companies. While at ValueAct he took a stake in BP (NYSE:BP), saying traditional energy companies can belong in ESG portfolios.
Exxon has come under fire for failing to invest in the future of energy. Earlier this year the company announced plans to invest $3 billion in carbon capture and other emissions-cutting technology.
The stock jumped 4% during pre-market trading on Monday. They gained $2.70, or 5%, to $57.07 after the opening bell.
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