Rockefellers Say Exxon Mobil Fighting the Wrong War
Members of the Rockefeller family, descended from the founder of what is now Exxon Mobil Corp., want the oil giant to split the roles of chairman and CEO and to put more focus on renewable energy.
The family members, who describe themselves as the company’s longest continuous shareholders, say 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 says he has the support of more than 80 percent of family members over the age of 21. Family representatives say the Rockefellers have a significant holding in Exxon Mobil, but they are not sure how much of the company they actually own collectively.
Exxon Mobil Corp. was formed in 1999 by the combination of offspring of John D. Rockefeller’s Standard Oil Trust. It is now the world’s largest publicly traded oil company.
