Exxon appoints former GM president to head its oil and gas business – 12/03/2024 at 7:04 p.m.

Exxon appoints former GM president to head its oil and gas business – 12/03/2024 at 7:04 p.m.
Exxon appoints former GM president to head its oil and gas business – 12/03/2024 at 7:04 p.m.

((Automated translation by Reuters, please see disclaimer https://bit.ly/rtrsauto))

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Oil company selects two auto industry executives for leadership positions

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Further reshuffling of the management team with outsiders

(Recast with the selection of a former auto industry executive to lead its most important business)

Exxon Mobil XOM.N said Tuesday that Dan Ammann, former chairman of General Motors GM.N , will take over its largest and most profitable business early next year.

Mr. Ammann, who joined Exxon two years ago to run its clean energy unit, called Low Carbon Solutions, will replace 34-year Exxon veteran Liam Mallon as president of Exxon's pumping business. Exxon oil and gas, effective February 1, 2025.

The appointments of Mr. Ammann and Barry Engle, another former GM executive, as president of Low Carbon Solutions reflect a continuing shakeup of the U.S. oil producer's top management by outsiders.

“This is certainly a new management model for Exxon Mobil, which really started after activist Engine 1's board shakeup,” said energy analyst Paul Sankey of Sankey Research, making referring to the proxy fight led by an activist investor in 2021 (), which resulted in three seats on the Exxon board.

As head of Exxon's Upstream business unit, Mr. Ammann will oversee a business that contributed more than two-thirds of Exxon's operating profit this year.

Mr. Engle, who joined the company in September as Mr. Ammann's deputy, is a longtime auto industry executive who worked at General Motors until 2020. The Low Carbon unit has was designed to do business by helping Exxon and its industrial customers reduce the carbon emissions of their operations.

“These appointments continue the company's approach to leveraging the diverse skills and experiences of a highly accomplished leadership team to bring fresh perspectives and approaches to each of our exceptionally talented organizations. ” Exxon CEO Darren Woods said in a statement.

In 2021, Exxon named Kathryn Mikells, former CFO of Diageo drinks, as CFO.

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