Exxon appoints former GM govt to guide its vitality transition enterprise

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Exxon Mobil Corp. appointed Dan Ammann, former president of automaker Normal Motors, to guide the oil firm’s vitality transition enterprise efficient Might 1.

Exxon Mobil Corp. on Tuesday appointed Dan Ammann, former president of automaker Normal Motors, to guide the oil firm’s vitality transition enterprise efficient Might 1.

The appointment indicators a shift in Exxon to rent outsiders for senior roles after activist traders received three seats final 12 months on the U.S. producer’s board. Exxon final 12 months employed Kathryn Mikells from drinks maker Diageo Plc as its finance chief.

Ammann replaces Joe Blommaert as chief of its Low Carbon Options unit, Exxon mentioned on Tuesday. Blommaert will retire after 35 years on the oil producer. In December, Ammann abruptly left the Detroit automaker the place he was chief govt of its self-driving automobile subsidiary Cruise.

Previous to operating Cruise, Ammann served because the Detroit firm’s president and chief monetary officer, and was a Wall Road banker with Morgan Stanley earlier than that. Individuals acquainted with the matter mentioned he was dismissed after disagreeing with GM over when to take Cruise public.

GM Chief Government Mary Barra has downplayed the necessity for a fast Cruise public providing, and the carmaker has repeatedly pressured the significance of that enterprise to its general operations. Ammann couldn’t instantly be reached for remark.

He joined GM as treasurer in 2010 and helped lead the corporate’s preliminary public providing following its 2009 restructuring. At Exxon, he’ll lead its vitality transition enterprise, which oversees efforts to generate new income from carbon sequestration applied sciences and hydrogen manufacturing. Exxon put the unit on the identical footing as its different operations as a part of a restructuring disclosed in January.

“We welcome Dan to ExxonMobil and can use his data and expertise to proceed to construct our Low Carbon Options enterprise,” Exxon Chief Government Darren Woods mentioned.

Exxon on Tuesday additionally mentioned lead unbiased director Kenneth C. Frazier will retire on Might 25 after 13 years on the corporate’s board. He will probably be changed by Joseph (Jay) L. Hooley, former chairman and CEO of State Road Corp. Hooley has been on Exxon’s board since 2020.

(Reporting by Sabrina Valle and Ben Klayman; modifying by Jonathan Oatis and Mark Porter)

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