Exxon Mobil Shareholders Reject CEO-Chairman Split
This article is from the archive of The New York Sun before the launch of its new website in 2022. The Sun has neither altered nor updated such articles but will seek to correct any errors, mis-categorizations or other problems introduced during transfer.

DALLAS— Exxon Mobil Corp. shareholders rejected resolutions calling on the world’s largest company to bar its chief executive officer from serving as chairman and adopt greenhouse-gas reduction targets.
A proposal to split the CEO and chairman’s roles received 39.5% at the company’s annual meeting today in Dallas, less than the 50% required to force directors to reconsider their opposition. Initiatives to set pollution-reduction goals for Exxon Mobil refineries and hold non-binding shareholder votes on executive pay also failed.
The CEO of the company, Rex Tillerson, prevailed over efforts by descendants of company founder John D. Rockefeller, the California Public Employees’ Retirement System, and the comptroller of New York City, William Thompson, to curb his influence and speed action by the Irving, Texas-based company to combat global warming.
“This is much hullabaloo over something other than what everybody should be talking about,” the partner-in-charge of the corporate-governance practice at law firm Jones Day, Lizanne Thomas, said today in a telephone interview from Atlanta. “The real goal here seems to be to make sure some of that profit is devoted to green causes, but splitting the chairman and CEO doesn’t do that.”
Mr. Tillerson, 56, led the company to a $40.6 billion profit in 2007, surpassing its own previous record for annual net income by an American corporation set a year earlier.