Exxon appoints former GM executive to lead its energy transition business

By Sabrina Valle and Ben Klayman

HOUSTON (Reuters) -Exxon Mobil Corp. on Tuesday appointed Dan Ammann, former president of automaker Basic Motors, to guide the oil firm’s power transition enterprise efficient Could 1.

The appointment indicators a shift in Exxon to rent outsiders for senior roles after activist buyers gained three seats final yr on the U.S. producer’s board. Exxon final yr 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 government of its self-driving automobile subsidiary Cruise. Previous to working Cruise, Ammann served because the Detroit firm’s president and chief monetary officer, and was a Wall Avenue banker with Morgan Stanley earlier than that.

Individuals conversant in the matter mentioned he was dismissed after disagreeing with GM over when to take Cruise public. GM Chief Govt Mary Barra has downplayed the necessity for a fast Cruise public providing, and the carmaker has repeatedly careworn the significance of that enterprise to its total 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 power 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 information and expertise to proceed to construct our Low Carbon Options enterprise,” Exxon Chief Govt Darren Woods mentioned.

Exxon on Tuesday additionally mentioned lead unbiased director Kenneth C. Frazier will retire on Could 25 after 13 years on the corporate’s board. He shall be changed by Joseph (Jay) L. Hooley, former chairman and CEO of State Avenue 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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