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July 24, 2008 8:33:08 AM CDT

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Rockefeller Clan Launches Green Revolt at Exxon

Posted Apr 30, 08 3:39 AM CDT in US,  Business 

(Newser) – Exxon Mobil is facing a shareholder revolt by most of John D. Rockefeller's 300 descendants, who are pushing for the mammoth company to go greener, reports the Wall Street Journal. The Rockefellers are campaigning for Exxon to develop new energy technology, cut greenhouse gas emissions and appoint a new independent chairman. The revolt is opposed by Exxon senior management.

A dozen members of the Rockefeller clan, active environmentalists, have sponsored shareholder resolutions. They don't have enough votes to push them through but may inspire other investors to step up. "If the Rockefellers are willing to stand up and be counted, maybe the Ford Foundation would, maybe Harvard College would," said one shareholder activist.

Source Wall Street Journal

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    Rockefellers Pump Exxon Execs for Changes Executives at Exxon are bracing for an onslaught from the Rockefeller family, whose patriarch founded the oil firm’s predecessor a century ago, the Wall Street Journal reports. Led by John D. Rockefeller’s great-granddaughter, the family wants Exxon to pursue renewable forms of energy and appoint an independent chairman. More »

John D. Rockefeller, founder of Standard Oil, the corporation from which Exxon-Mobil evolved. Rockefeller's descendants are in recolt against Exxon management.   (Archive Photos)
Exxon is facing a revolt by descendants of John D. Rockefeller, founder of Standard Oil.   (AP Photo/LM Otero, file)
Rex Tillerson, chairman and CEO of Exxon Mobil, is holding off opposition from the Rockefeller clan.   (AP Photo/CP, Jeff McIntosh)
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Tags

climate change  • greenhouse gases  • shareholders  • ExxonMobil  • renewable energy  • John D. Rockefeller  • Rockefeller family  • Neva Rockefeller Goodwin  • Rex Tillerson


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