The board of directors of Exxon Mobil Corporation said that lead independent director Kenneth C. Frazier has announced his intention not to stand for re-election to the board at the annual meeting of shareholders on May 25.
Joseph L. Hooley, former chairman and CEO of State Street Corp. and ExxonMobil director since 2020, has been selected by the independent directors to serve as lead director, effective after the annual meeting.
“The board of directors thanks Ken for his tireless work on behalf of the corporation and owes him a deep debt of gratitude,” said Darren Woods, chairman and chief executive officer. “I look forward to working closely with Jay as we continue to strengthen ExxonMobil’s industry leadership position, responsibly meeting global needs while leading in the energy transition.”
Frazier, executive chairman and former chairman and CEO at Merck & Co., Inc., will remain as independent lead director until the annual meeting. He was appointed to the role in 2020, and has been a member of the board since 2009. The role of the lead director has broad oversight responsibilities that were strengthened under Frazier’s leadership.
“ExxonMobil has made significant progress on its strategy to lead in financial and operating performance through the energy transition by leveraging its advantaged portfolio of traditional and lower-emission business opportunities,” said Frazier.
“I am grateful for the opportunity to have worked with so many talented people at the company, including Darren and the members of the board. I’m pleased with how our board has come together constructively over the past year to build on the company’s progress and momentum. After 13 years on the board, I have made the decision to move on for reasons unrelated to the company. Jay is a terrific choice as my successor, and I congratulate him on his new role
ExxonMobil said that Dan Ammann, former General Motors president and CEO of Cruise autonomous vehicle company, has been appointed president of ExxonMobil Low Carbon Solutions, effective May 1. Ammann replaces Joe Blommaert, who has elected to retire after 35 years of service.
“We welcome Dan to ExxonMobil and will use his knowledge and experience to continue to build our Low Carbon Solutions business,” said Darren Woods, chief executive officer and chairman. “I thank Joe for his contributions to the company’s success and the significant progress made in developing our lower-emissions business. I wish Joe all the best in retirement.”
Ammann was named CEO of Cruise, which is majority-owned by GM, in 2018, and was appointed president of GM in 2014. He was previously GM’s chief financial officer and joined GM as treasurer in 2010. He helped lead GM’s initial public offering following the company’s 2009 restructuring.
Ammann began his career as an investment banker, starting at Credit Suisse First Boston in 1994 and moving to Morgan Stanley in 1999, where he was named a managing director in 2005. Ammann received a bachelor degree in management studies from the University of Waikato in New Zealand.
Blommaert, who has been president of Low Carbon Solutions since its creation in 2021, joined ExxonMobil Chemical in 1988 as a process engineer at the Rozenburg chemical plant in the Netherlands. Following assignments in the Netherlands, Belgium, and the United States, Blommaert was appointed regional director for Europe and Asia Pacific chemical operations in 2014 and became senior vice president of global operations for the Chemical business in 2019.
Blommaert has a master’s degree in chemical engineering from Delft University of Technology in the Netherlands.
ExxonMobil created the Low Carbon Solutions business to commercialize the company’s extensive low-emission portfolio with the objective to create long-term shareholder value and support global emission-reduction efforts.
Low Carbon Solutions is focused on commercializing low-emission business opportunities in carbon capture and storage, hydrogen and low-emission fuels, by leveraging the skills, knowledge and scale of ExxonMobil.
