Exxon Mobil announced two board seat changes Monday, including activist investor and ESG proponent Jeff Ubben, in a sign that the company is confronting its uncertain future as the world moves toward cleaner energy and as investors shy away from oil stocks.
Exxon said the other new board member is Mike Angelakis, chairman and chief executive officer of Atairos and former CFO of Comcast.
Exxon shares jumped 4.7% after CNBC’s David Faber first reported the shake-up. Ultimately, the stock finished the session 3.7% higher.
The moves come as Exxon has faced pressure from shareholders to reshuffle its board amid the company’s languishing stock price. Exxon’s investor day is Wednesday.