To his credit, Mr. Raymond is leaving the company, although they do not say if he will remain on the Board. He should not.
Unfortunately, though, the Chairman and CEO positions remain locked tight together. The Board has lost a good opportunity to disengage these two positions and, indeed could have offered Mr. Tillerson his choice, CEO or Non-executive Chairman, but not both.
They failed the governance test on this one.
OAM
See article:
The chief executive of Exxon Mobil Corp. will step down at the end of the year from the world's largest publicly traded oil company after a tenure marked by record profits and environmental controversy.
Lee R. Raymond, 66, a career Exxon employee who has held the top job for 12 years, is likely to be succeeded by the company's president, Rex W. Tillerson, 53, according to an Exxon statement.
Raymond presided over a company that analysts view as the most efficient in the business, earning better returns on the money it spends than its rivals. But under Raymond's leadership, Exxon has become the top target of environmental groups that complain that the company has helped block mandatory limits on emissions linked to global warming and has lobbied to open Alaska's Arctic National Wildlife Refuge to drilling.
See full Article, and ExxonMobil Press Release.
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