Oil Clash: Rockefellers Take on Exxon
Rockefeller family says Exxon Mobil must invest more in cleaner technology.
April 30, 2008— -- NEW YORK (AP) -- Members of the Rockefeller family, descended from the founder of what became Exxon Mobil Corp., challenged the oil giant Wednesday to split the roles of chairman and CEO and focus more on renewable sources of energy.
The family members, who describe themselves as the company's longest continuous shareholders, said they are concerned that the Irving, Texas-based company is too focused on short-term gains from soaring oil prices and should do more to invest in cleaner technology for the future.
"They are fighting the last war and they're not seeing they're facing a new war," said Peter O'Neill, who heads the Rockefeller Family committee dealing with Exxon Mobil and is the great-great-grandson of John D. Rockefeller.
He said he had the support of more than 80 percent of family members over the age of 21. Family representatives said it was a significant holding for the Rockefellers but that they were not sure how much of the company they actually own collectively.
Exxon Mobil was formed by the combination of two offspring of John D. Rockefeller's Standard Oil Trust. It is now the world's largest publicly traded oil company.
Members of the family said they have sponsored four proxy resolutions this year that raised concerns about the company's leadership under Chairman and Chief Executive Rex Tillerson. They also said they have spent years behind the scenes prodding the company to change its approach to the oil business.
The family and its allies decided to take their case public, they said, because they believe future energy will come from sources other than oil and natural gas, and say the company needs to move more quickly into sustainable technology to secure its long-term viability.
"We all know the saying: The bigger they are, the harder they fall," said Connecticut State Treasurer Denise L. Nappier, who oversees a pension fund that holds $300 million in Exxon Mobil stock -- its largest single equity investment. She spoke at a press conference alongside the Rockefellers.
