Home Stock Market Exxon appoints former GM government to steer its power transition enterprise By Reuters

Exxon appoints former GM government to steer its power transition enterprise By Reuters

Exxon appoints former GM government to steer its power transition enterprise By Reuters

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© Reuters. FILE PHOTO: The emblem of Exxon Mobil Company is proven on a monitor above the ground of the New York Inventory Trade in New York, December 30, 2015. REUTERS/Lucas Jackson/File Picture

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By Sabrina Valle and Ben Klayman

HOUSTON (Reuters) -Exxon Mobil Corp. on Tuesday appointed Dan Ammann, former president of automaker Normal Motors (NYSE:), to steer the oil firm’s power transition enterprise efficient Might 1.

The appointment indicators a shift in Exxon to rent outsiders for senior roles after activist traders received three seats final yr on the U.S. producer’s board. Exxon final yr employed Kathryn Mikells from drinks maker Diageo (LON:) Plc as its finance chief.

Ammann replaces Joe Blommaert as chief of its Low Carbon Options unit, Exxon stated on Tuesday. Blommaert will retire after 35 years on the oil producer.

In December, Ammann abruptly left the Detroit automaker the place he was chief government of its self-driving automobile subsidiary Cruise. Previous to operating Cruise, Ammann served because the Detroit firm’s president and chief monetary officer, and was a Wall Road banker with Morgan Stanley (NYSE:) earlier than that.

Folks accustomed to the matter stated he was dismissed after disagreeing with GM over when to take Cruise public. GM Chief Government Mary Barra has downplayed the necessity for a fast Cruise public providing, and the carmaker has repeatedly harassed the significance of that enterprise to its general operations.

Ammann couldn’t instantly be reached for remark.

He joined GM as treasurer in 2010 and helped lead the corporate’s preliminary public providing following its 2009 restructuring.

At Exxon, he’ll lead its power transition enterprise, which oversees efforts to generate new income from carbon sequestration applied sciences and hydrogen manufacturing. Exxon put the unit on the identical footing as its different operations as a part of a restructuring disclosed in January.

“We welcome Dan to ExxonMobil (NYSE:) and can use his information and expertise to proceed to construct our Low Carbon Options enterprise,” Exxon Chief Government Darren Woods stated.

Exxon on Tuesday additionally stated lead impartial director Kenneth C. Frazier will retire on Might 25 after 13 years on the corporate’s board. He can be changed by Joseph (Jay) L. Hooley, former chairman and CEO of State Road Corp (NYSE:). Hooley has been on Exxon’s board since 2020.

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