In need of a midwife

5 Feb 2021 By Robert Cyran Follow @rob_cyran

The activist behind Inclusive Capital may join the $204 billion oil giant’s board. He helped usher Ballmer out of Microsoft and encouraged an aging Adobe to transform. With vocal and quiet agitators at Exxon, shareholders need a diplomat. Ubben’s experience could prove useful.

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Exxon Mobil is considering adding activist investor Jeff Ubben to its board of directors according to a Feb. 4 Bloomberg article, citing people familiar with the matter. Ubben’s firm, Inclusive Capital Partners, may also take a “meaningful” stake in the $204 billion oil firm, the story said.

Activist funds, including D.E. Shaw and Engine No. 1 have been pressuring Exxon to add independent directors. On Feb. 2, Exxon said it had added Tan Sri Wan Zulkiflee Wan Ariffin, former chief executive of energy firm Petronas, to its board. That same day, the company reported a loss of $22.4 billion for 2020, its first annual loss in decades.

Ubben, co-founded activist fund ValueAct Capital, but left in 2020 to start Inclusive Capital to make investments to tackle social issues and climate change.

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Ubben, co-founded activist fund ValueAct Capital, but left in 2020 to start Inclusive Capital to make investments to tackle social issues and climate change.

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