KUALA LUMPUR – Former Petroliam Nasional Bhd (Petronas) chief executive Wan Zulkiflee Wan Ariffin has been removed from ExxonMobil’s board after being rejected by voters, reports industry newsletter Energy Voice.
The ouster comes just three months after his appointment in February this year, which made him the first non-American member of the board.
Wan Zulkiflee’s exit comes after ExxonMobil activist investor Engine No. 1 expanded its presence on the US oil giant’s board to three seats, according to preliminary vote tallies.
Citing a Kuala Lumpur-based oil executive who wished to remain anonymous, Energy Voice said Engine No. 1 was a “textbook example” of the forces shaping global investing.
“By focusing on clear management failure issues at ExxonMobil, such as carbon policy, capital investment blunders and a lack of purpose and vision, they were able to bring along the institutional investors and notch the win,” the industry source was quoted as saying.
Wan Zukiflee was among three directors who were considered as not being a right fit for the board.
The source said that given the scale and types of challenges facing ExxonMobil, which include the energy transition, loss of faith by global capital markets, as well as dividend risks, “nothing on Wan Zul’s experience will assist”.
Fund manager BlackRock, a substantial shareholder of ExxonMobil, also said in its May 26 vote bulletin that Wan Zukiflee’s “business experience seems less relevant to a private sector company with a diverse shareholder base”.
Wan Zulkiflee served as Petronas president and group CEO from 2015 to 2020.
ExxonMobil chief executive Darren Woods previously said Wan Zulkiflee’s global industry expertise and insights on energy transition would complement the oil giant’s highly experienced board. – The Vibes, June 3, 2021
