New Leadership at Exxon Mobil: A Shift Towards a Greener Future
Exxon Mobil is shaking up its top management with the appointment of Dan Ammann, former president of General Motors, as the new head of its largest and most profitable business. Ammann, who joined Exxon two years ago to lead its clean energy unit, Low Carbon Solutions, will take over as president of Exxon’s oil and gas pumping business, effective February 1, 2025.
A New Era of Leadership
This move marks a significant shift in Exxon’s management approach, which has traditionally been dominated by insiders. Ammann’s appointment, along with that of Barry Engle, another former GM executive, as president of Low Carbon Solutions, reflects the company’s efforts to bring in fresh perspectives and expertise from outside the industry.
A Focus on Sustainability
As head of Exxon’s Upstream business unit, Ammann will oversee a business that has contributed more than two-thirds of Exxon’s operating profit this year. His focus on sustainability and reducing carbon emissions is expected to continue, building on the progress made by Low Carbon Solutions. Under Ammann’s leadership, Exxon has invested heavily in potential carbon dioxide sequestration sites, acquiring carbon dioxide pipeline firm Denbury for $4.9 billion, and creating lithium and hydrogen development partnerships.
Strategic Partnerships
Recently, Abu Dhabi state oil firm ADNOC struck a preliminary deal to acquire a 35% stake in a proposed Exxon hydrogen project, pending financial approval. This partnership demonstrates Exxon’s commitment to collaboration and innovation in the pursuit of a greener future.
Exxon’s CEO Weighs In
According to Exxon CEO Darren Woods, “These appointments continue the company’s approach of leveraging the diverse skills and experiences of a very accomplished executive team to bring fresh perspectives and approaches to each of our exceptionally talented organizations.”
A Pattern of Change
This latest move is part of a larger trend at Exxon, which has seen the company bring in outsiders to fill key leadership positions. In 2021, Exxon named former Diageo drinks finance executive Kathryn Mikells as CFO, and this year hired general counsel Jeff Taylor from Fox Corp. As the energy landscape continues to evolve, Exxon is positioning itself for success with a diverse and experienced leadership team.
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