Exxon Mobil Corp. is facing the threat of a proxy fight from a
newcomer activist investor with a sustainability bent that wants
the beleaguered energy giant to act faster to remake itself.
Engine No. 1 LLC, an investment firm launched by Chris James last
week, is preparing to send a letter to Exxon ’s board urging the
Irving, Texas-based company to focus more on investments in clean
energy while cutting costs elsewhere to preserve its dividend.
The letter, a copy of which was viewed by The Wall Street
Journal, identifies four people the firm plans to nominate to
Exxon’s 10-person board.