Breaking News from CNBC’s David Faber: Jeff Ubben & Mike Angelakis to Join Exxon Board of Directors – Sources
WHEN: Today, Monday, March 1st
WHERE: CNBC's "Squawk Box"
Following is the unofficial transcript of breaking news from CNBC's David Faber on CNBC's "Squawk Box" (M-F, 6AM-9AM ET) today, Monday, March 1st. Following is a link to the video on CNBC.com: https://www.cnbc.com/video/2021/03/01/heff-ubben-to-join-exxon-board-of-directors.html.
All references must be sourced to CNBC.
DAVID FABER: Good morning Becky. A company we all follow fairly closely, of course, Exxon Mobil adding two important directors this morning we can tell you, according to sources, an announcement should be forthcoming from the company Exxon Mobil will be adding Jeff Ubben and Mike Angelakis, to its board of directors. Of course, Mr. Ubben somebody fairly well known to some of our viewers certainly a long time so-called activist investor having founded the, the ValueAct but he has moved on to now a more of an ESG-focused fund inclusive partners of which he is raising a great deal of money. He will become a significant investor over time I believe I'm told in Exxon Mobil as part of his taking a directorship here. And Michael Angelakis, of course, no stranger to any of us, having been the longtime CFO of Comcast, the company that he helped to manage through a certain type of transition as well at Comcast. And, of course, transition is one of the key things that Exxon Mobil is going through and under its leader Darren Woods seems to be embracing in a way perhaps that it hadn't in the past. It, of course, will continue to develop oil and oil fields around the world, but it is also embracing and will be even more so one would expect with the addition of these two gentlemen to the board of directors transitioning to a carbon free or certainly carbon neutral future and helping in the technology to try to do that, the company having made announcements even recently about carbon capture technology and things of that nature. One is imagining here that with Ubben on the board sort of pushing in that direction but also understand the underlying fundamentals of the company, its ability and need to continue to deliver profits, coupled with Angelakis, who as we know has a very keen eye for capital allocation. It will be viewed positively you can see the stock is responding positively and has been responding positively for some time. This after activist started to get involved not in the form of Mr. Ubben but D.E. Shaw which we've been reporting on for some time took a sizable position in the company has been in conversations with it for quite some time and as you might imagine is supportive of both these gentlemen being added to its board of directors. You've also got Engine No. 1 with casters out there as well. They do have four directors they've nominated for the board Becky but at this point my understanding is that D.E. Shaw having added or been part of at least the conversation that has added these two gentlemen to the board will be supportive of the slate of directors that management is supportive of at the annual meeting. By the way, worth mentioning over the last six years ExxonMobil's board has changed, two-thirds of the board has changed over so a significant remake being done not just of the board but even more importantly over time it would seem, of the company Becky by Darren Woods, its CEO, I know somebody you know a bit well having followed the company in the past and something we're gonna follow very closely. I think here it is no longer the largest company in the country but it certainly still remains one of its most important.
BECKY QUICK: Wow, big news David, watching this Angelakis too, there's a name that we all know very well, but, but you're right I think looking at what this company is doing and where it's gone. I was glad to see you point out on this news as you were reporting it stock up better than 4% that comes after it was already up more than 30% just watching the gains that we've seen recently and the company continues to lay out its plans for how it's going to be changing. They do have their meeting with shareholders coming up, their meeting with-
FABER: Investors.
QUICK: The street coming up with investors this week so we'll hear more about what their plans are for, for how they're gonna roll things out, although I think we've heard a lot over the last couple of months but this is big news the stock again up 4% just today on what you're reporting David.
FABER: Yeah. And you know, there had been some discussion Mr. Ubben and joining the board I think perhaps some had not expected that would end up being the case, but Angelakis perhaps something of a surprise for people as well. And we do know his focus on financial discipline, but we're gonna have a lot more on it later on "Squawk on the street," certainly appreciate you giving me a little time to break it on your show as well Becky. Thank you.
QUICK: We certainly appreciate you breaking it here too again stock up by about three and a half percent. We'll be watching a little later David. Thanks a lot. Good to see you.