ExxonMobil Corp. (NYSE:XOM) announced the appointment of Dina Powell McCormick (NYSE:MKC) to its board, a move that strengthens the energy giant's commitment to sustainability and lower emissions. McCormick is set to begin her board membership at Exxon on January 1, 2024.
McCormick's experience spans diplomatic roles for two U.S. presidents and leadership positions in Goldman Sachs' sustainability efforts and impact investing businesses. At Goldman Sachs, she managed a $750 billion investment fund dedicated to sustainable energy.
ExxonMobil's Chairman and CEO Darren Woods and lead independent director Joseph Hooley lauded McCormick's leadership skills and her potential to increase shareholder value. They also highlighted her potential role in transitioning the company towards a lower-emissions future.
McCormick also chairs the Robin Hood Foundation Board among other prestigious board positions. Her addition to ExxonMobil's board comes as the company has outlined ambitious greenhouse gas emission reduction targets for 2030. The company plans to achieve net-zero Scope 1 and 2 emissions from its operated assets by 2050.
McCormick's extensive career includes being an adviser to President Trump, deputy national security adviser, and a role in the Bush administration. She also has a 16-year tenure on Goldman Sachs Group Inc (NYSE:GS).'s management committee and currently serves as vice chairman of client services for BDT & MSD Partners, a merchant bank run by former Wall Street firm partners.
ExxonMobil is a leading international energy and petrochemical company with operations in various areas including upstream operations.
InvestingPro Insights
ExxonMobil, with its ticker symbol XOM, is a significant player in the Oil, Gas & Consumable Fuels industry. The company has maintained a consistent dividend payment for 53 consecutive years, indicating its stability and commitment to shareholder returns. This is backed by the fact that ExxonMobil has raised its dividend for 41 consecutive years. Furthermore, the company's stock generally trades with low price volatility, which could be an attractive factor for investors seeking a less risky investment.
InvestingPro data highlights ExxonMobil's market cap at 413.13 billion USD, with a P/E ratio of 10.36 as of Q3 2023. The company's revenue for the last twelve months as of Q3 2023 stands at 344.75 billion USD. Despite a slight downturn in the recent quarter with a revenue growth of -18.53%, the company remains a profitable entity.
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