ExxonMobil’s Board of Directors announced Ken Frazier’s decision not to stand for re-election to the board.
Having been selected by independent directors, Jay Hooley will take over his role as lead director 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.”
As the executive chairman and former chairman and CEO at Merck & Co., Inc., Frazier will remain in his position as independent lead director till the annual meeting, which is set to take place on May 25th.
“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,” he added.