On November 14th, National Legal and Policy Center sent a letter to ExxonMobil’s Board of Directors that called for the immediate resignation of Darren Woods from his roles as Chief Executive Officer and Chairman of the Board. Citing misaligned priorities and an irrational emphasis on government subsidies, NLPC contended that Mr. Woods’s leadership has jeopardized ExxonMobil’s profitability and core mission as a leading oil and gas company.
Luke Perlot, associate director of NLPC’s Corporate Integrity Project, stated: “Darren Woods has undermined ExxonMobil’s successful business model by capitulating to the economy-destroying climate agenda and pursuing risky, government-subsidized Green New Deal schemes. His decision to embrace the Inflation Reduction Act and its short-term subsidies has exposed the company to political uncertainties that could diminish its profitability. Mr. Woods has repeatedly placed ExxonMobil’s future in the hands of politicians rather than allowing market demand for oil and gas to drive company strategy.”
Earlier this year, NLPC presented a shareholder proposal at ExxonMobil’s annual meeting that urged the board to revisit executive incentives for unprofitable initiatives like carbon capture and storage. NLPC also filed a proxy memorandum with the Securities and Exchange Commission in support of the proposal. The board opposed the proposal, instead choosing to continue incentivizing strategies that fail to align with ExxonMobil’s industry strengths and the interests of its shareholders.
NLPC’s letter argues that Mr. Woods’s continued leadership threatens ExxonMobil’s long-term stability and competitive positioning in the global energy market. Under Mr. Woods, the company has increasingly diverted resources to unproven ventures, risking the core competencies that have historically driven shareholder value.
“ExxonMobil is fundamentally an oil and gas company, not a subsidy-driven experiment in climate technology,” Perlot added.
NLPC calls upon ExxonMobil’s board to prioritize shareholder interests, restoring the company’s focus on its core oil and gas operations, by seeking new leadership. Mr. Woods’s resignation, NLPC contends, is an essential first step to realign the company with its fiduciary obligations and ensure a strong future not hamstrung by the climate alarmism agenda.
Read the full letter from Perlot to ExxonMobil’s board of directors here.
