I worked on electric and hybrid vehicles at Exxon in the 70s. They also had investments in batteries, solar thermal, solar electric, and nuclear fuel processing. I believe Booz Allen did a study and told them to stick to their knitting, focus on the gas and oil.
THE MONEY CULTURE
Daniel Gross
There Will Be Blood and O.J.
John D. Rockefeller's heirs urge Exxon Mobil to play nicer.
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Yesterday morning, an unusual breakfast press conference was staged in midtown Manhattan.
The place: the Estrela room on the penthouse level of the Parker-Meridien hotel.
The spread: Excellent. Carafes of fruit juices and flaky croissants.
The vibe: Gently throbbing Euro-pop background music.
The speakers:Neva Rockefeller Goodwin and Peter O'Neill, members of the Rockefeller family who are pushing for changes in corporate governance at Exxon Mobil, the descendant of the Standard Oil company created by John D. Rockefeller.
No family in American history has possessed more wealth, or been more conflicted about the obligations and benefits it bestows, than the Rockefellers, who are now enjoying their sixth generation of good fortune. And the mixture of modesty, politesse, and concern for the world that has characterized the Rockefeller brand for more than a century was on full display.
The Rockefeller family members were far less slick and comfortable at the podium than the executive (Stephen Heintz, president of the Rockefeller Brothers Fund) and the politician (Connecticut Treasurer Denise Nappier) who accompanied them. Neva Rockefeller Goodwin, a daughter of David Rockefeller, and hence great-granddaughter of John D. Rockefeller, is a Tufts University economist who elides the Rockefeller out of her professional name. She sported a blue sweater, glasses, and an unfussy mane of graying hair. Peter O'Neill, a great-great grandson of the original, had a pen protruding from his shirt pocket. These are people who were bred not to raise their voices too forcefully in public or to brandish the family name as a weapon. Their modest delivery makes self-important pronouncements seem non-threatening. Sample line: "As the oldest continuous shareholders of the Exxon Mobil corporation, we almost define the long-term investors," said Neva Rockefeller Goodwin. "My great-grandfather revolutionized the oil industry over a century ago."
The Rockefellers made a point of repeatedly complimenting the hired help on jobs well done. "It's not about [Exxon Mobil CEO] Rex Tillerson," said Peter O'Neill. "He's an amazing oil and gas manager." Management, he continued, is "very good about planning these big projects and implementing them, and they should be applauded for it." But while the Rockefellers very much appreciate the $40 billion in profits ExxonMobil earned last year, the family notes that there are "serious disjunctions that we perceive between Exxon's short-term actions and the long-term health of both this company and the economy."
The 66 adult descendants of John D. Rockefeller (84 percent of the total) who signed on to this initiative are worried: Competitors have been more aggressive on renewables and alternative energy; Having the same person hold the job of chief executive officer and chairman of the board contributes to an insular culture and a lack of critical and imaginative thinking; The company isn't thinking outside the barrel to deal with climate change or prepare for regulatory changes. And so they have reluctantly decided to call publicly for shareholder votes on a resolution to separate the posts of chairman and chief executive officer, and on a resolution to have Exxon Mobil convene a task force to examine the company's assumptions about growth markets, and the consequences of global climate change on poor economies.
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