What does it say when one of America's most powerful families wants to shake up the world's largest corporation because it isn't sufficiently green?
Descendants of John D. Rockefeller, who founded Exxon's predecessor
Standard Oil in 1870, will begin a campaign today to split the role of chief executive and chairman of the board, a role held by Rex Tillerson. Why? He has failed "to address the future of energy and related industry hurdles,” according to a statement released by the family.
More than 100 Rockefeller descendants hold shares in Exxon through a variety of trusts, but the exact percentage is unknown.
The campaign is being led by Neva Rockefeller Goodwin, an economist and great-granddaughter of John D. Rockefeller.
The timing is interesting. Last year, Exxon Mobile posted the largest quarterly profits in corporate U.S. history. Exxon is rolling in dough. You'd think this would keep everybody happy.
What's the royal beef? Read after the jump.
In a statement yesterday, Neva Rockefeller said, "The truth is that Exxon
Mobil is profiting in the short term from investments and decisions made many years ago, and by focusing on a narrow path that ignores the rapidly shifting energy landscape around the world, including developing nations."
The Rockefellers also say that Exxon Mobil is lagging behind competitors in the growing market for renewable and alternative energy.
