8-KLeadership Changes

EXXON MOBIL CORP 8-K Report, Executive Changes (Jul 22, 2021)

Filed July 22, 2021For Securities:XOM

Summary

Exxon Mobil Corporation (XOM) announced a significant leadership transition in its finance department via an 8-K filing on July 21, 2021. Andrew Swiger, Senior Vice President and Principal Financial Officer, will retire effective September 1, 2021, after a period of service. This marks the end of an era for a key financial executive at the energy giant. In conjunction with Mr. Swiger's retirement, Exxon Mobil has appointed Kathryn Mikells as its new Senior Vice President and Chief Financial Officer, effective August 9, 2021. Ms. Mikells brings extensive financial leadership experience from her previous roles at major corporations including Diageo plc, Xerox, and United Airlines. Her compensation package includes an annual salary of $1.1 million and a one-time grant of 80,000 restricted stock units (RSUs) with a structured vesting schedule, reflecting a commitment to aligning executive incentives with long-term shareholder value. Investors should monitor the integration of Ms. Mikells into the company's financial strategy.

Key Highlights

  • 1Andrew Swiger, Senior Vice President and Principal Financial Officer, announced his retirement effective September 1, 2021.
  • 2Kathryn Mikells has been appointed as the new Senior Vice President and Chief Financial Officer, effective August 9, 2021.
  • 3Ms. Mikells has a strong financial background, having previously served as CFO for Diageo plc, Xerox, ADT, Nalco, and United Airlines.
  • 4Ms. Mikells will receive an annual salary of $1.1 million.
  • 5A one-time grant of 80,000 restricted stock units (RSUs) will be awarded to Ms. Mikells, with a staggered vesting schedule of 50% over five years and 50% over ten years.
  • 6The RSU grant is subject to forfeiture under certain conditions, such as voluntary resignation before retirement age or termination for cause.
  • 7Ms. Mikells will be eligible for future performance-based incentive programs like other executive officers.

Frequently Asked Questions

Kathryn Mikells will be replacing Andrew Swiger as Senior Vice President and Chief Financial Officer, effective August 9, 2021. Mr. Swiger's retirement is effective September 1, 2021.

Ms. Mikells has a substantial financial background, having served as Chief Financial Officer and a director at Diageo plc for over five years. Before that, she held CFO positions at Xerox, ADT, Nalco, and United Airlines, where she also gained experience in investor relations and treasury.

Ms. Mikells will receive an annual salary of $1.1 million. Additionally, she will be granted 80,000 restricted stock units (RSUs) as a one-time award. These RSUs have a restricted period of five years for 50% of the shares and ten years for the remaining 50%, and they are subject to forfeiture under specific conditions.

No, Ms. Mikells, like other executive officers of Exxon Mobil, will not have a specific employment contract. Her compensation and equity awards will follow the company's standard policies for executive officers, as detailed in the Compensation Discussion & Analysis section of the company's proxy statement and exhibit 99.1.