8-KLeadership Changes

EXXON MOBIL CORP 8-K Report, Executive Changes (Dec 2, 2019)

Filed December 2, 2019For Securities:XOM

Summary

Exxon Mobil Corporation (XOM) has announced the appointment of Joseph L. Hooley as a new non-employee director to its Board of Directors, effective January 1, 2020. This appointment brings new expertise to the board, with Mr. Hooley set to serve on the Audit Committee and the Finance Committee. Investors should note that new non-employee directors like Mr. Hooley receive an initial grant of 8,000 shares of restricted ExxonMobil common stock. Following this initial grant, his compensation will align with that of other non-employee directors, as detailed in the company's April 11, 2019 Proxy Statement. This move is a standard governance update and signals a continuation of the company's established practices for board composition and compensation.

Key Highlights

  • 1Joseph L. Hooley appointed as a new non-employee director, effective January 1, 2020.
  • 2Mr. Hooley will serve on the Audit Committee and Finance Committee.
  • 3New directors receive an initial one-time grant of 8,000 shares of restricted ExxonMobil common stock.
  • 4Mr. Hooley's compensation will be consistent with other non-employee directors after the initial stock grant.
  • 5This filing is related to the departure/election of directors or certain officers and compensatory arrangements.

Frequently Asked Questions

Joseph L. Hooley has been elected as a new non-employee director to ExxonMobil's Board of Directors, effective January 1, 2020. He will serve on the Audit Committee and the Finance Committee.

Upon taking office, Mr. Hooley will receive an initial one-time grant of 8,000 shares of restricted ExxonMobil common stock. Thereafter, his compensation will be the same as other non-employee directors, as detailed in the company's April 11, 2019 Proxy Statement.

This appointment is a standard corporate governance action. It indicates the board is being refreshed with new expertise, as Mr. Hooley will join key committees. The compensation structure for new directors is also clearly outlined, providing transparency on potential share dilution and director pay.