Wan Zulkiflee exits ExxonMobil board, respects shareholders decision

TheEdge Tue, Jun 08, 2021 02:48pm - 2 years View Original


KUALA LUMPUR (June 8): Tan Sri Wan Zulkiflee Wan Ariffin said he respects the decision at the ExxonMobil Corp’s annual general meeting (AGM) last week not to reappoint the former Petronas chieftain to the board of the oil major.

The oil and gas veteran was among three directors who were not reelected to the board, amid pressure by shareholders led by activist hedge fund Engine No 1 for ExxonMobil to better prepare for a carbon-zero future.

“It was indeed a privilege for me to be appointed to the highly prestigious ExxonMobil board.

“Despite the short duration of my membership, I would consider my time with the board to be a valuable experience with a world-renowned energy company,” Wan Zulkiflee said in a brief media statement.

Wan Zulkfilee also thanked the board members of ExxonMobil for their fellowship during his four-month stint with the oil major.

“I wish to also commend the commitment and professionalism of the management in leading ExxonMobil in its aspiration to responsibly meet the world’s energy needs, a pursuit that is also close to my heart.

“I fully understand the need to respect the outcome of the Annual Shareholders Meeting, which resulted in the unseating of three of the existing board members.

“I wish the board well and I am confident that they will provide the necessary guidance and stewardship to Darren Woods (ExxonMobil chairman and CEO) and his team in navigating these challenging times and continuing to create value for all stakeholders. Thank you,” he said.

Wan Zulkiflee was appointed to the board of ExxonMobil on Feb 2 this year, after the group received blunt criticism that its directors lacked energy experience, according to Reuters. He was the first non-American in the company’s history to join the board.

With the preliminary AGM results announced by ExxonMobil on June 2, Wan Zulkiflee joins former MetLife chief Steven Kandarian, and IBM CEO Samuel Palmisano and the board’s longest-serving member in exiting the 12-member board.

Wan Zulkiflee is currently serving as non-executive chairman of Malaysia Airlines Bhd and Malaysia Aviation Group Bhd, and was also appointed as chairman of DRB-Hicom Bhd. The engineer by profession led Petronas as president and group CEO from April 2015 until June 2020.

Read also:
Wan Zulkiflee’s ExxonMobil director position appears to be in limbo just four months after appointment

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Comments

Nadarajah Mohan
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no worries....banyak lagi Board kat Bolehland for the Entitled! Best of All, tiap2, 2/3 tahun ada revolving door appointments bah!

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