New York (CNN Business) For decades, ExxonMobil was an unstoppable machine and the envy of the oil industry. Now that machine has broken down — and Exxon’s critics are pouncing. For the first time in modern history, Exxon ( XOM ) faces a credible challenge from frustrated investors seeking to overthrow its board of directors. That effort, led by a new activist investor firm called Engine No. 1 , calls for Exxon to rein in its massive spending ambitions, revamp executive pay and explore a push into clean energy. Engine No. 1 has received support from the Church of England and one of America’s most powerful pension funds: the California State Teachers’ Retirement System, or CalSTRS. Exxon faces $20 billion hit from ‘epic failure’ of a decade ago But that’s not all. Activist hedge fund D.E. Shaw has built a larger Exxon stake than the one held by CalSTRS and Engine No. 1 and is pushing the oil company to slash spending to save its dividend and improve its poor performance, a person familiar with the matter, who was not authorized to speak publicly on the Exxon stake, told CNN Business. Bloomberg News first reported the D.E. Shaw campaign. These… Read full this story
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