Exxon Mobil names presiding director to board

IRVING, Texas - Exxon Mobil Corp. said Tuesday it named IBM's President and Chief Executive Samuel J. Palmisano as the presiding director of its board in an attempt to improve its corporate governance as shareholders push for improvements.

Previously, the chair of the board affairs and compensation committees alternated in the role, depending on the subject matter under review at board meetings.

The presiding director has the authority to call and chair executive sessions, and will chair all meetings of the 11-member board in the absence of the chairman. Rex Tillerson is currently the oil company's chairman and chief executive.

Earlier this year, some shareholders — including members of the Rockefeller family — attempted to steer the company to make a number of changes, including separating the roles of chairman and chief executive.

Stripping Tillerson of his position of chairman in favor of an independent director was the main focus of the company's annual shareholder meeting in May.

None of the 17 shareholder proposals considered at that meeting received enough support to pass, and all were opposed by the Exxon Mobil board.

Shares of Exxon rose 1 cent to $77.50 in aftermarket trading. The stock gained $3.20, or 4.3 percent, to end the regular session at $77.49.

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