THE WALL STREET JOURNAL: A Change of Leadership For Big Oil Companies
“Under Mr. Raymond, Exxon has become industry’s tallest lightning rod in the debate over how much fossil-fuel emissions may be contributing to a warming of earth’s temperatures. Fellow oil giants BP PLC and Royal Dutch Shell PLC have taken an environmentally friendly stance with initiatives that promote the development of alternative fuels.”
Friday 5 August 2005
Raymond Turns Over Reins
To Tillerson as Exxon Hits
Height of Earnings Powers
By SUSAN WARREN and JEFFREY BALL
Staff Reporters of THE WALL STREET JOURNAL
August 5, 2005; Page A3
Rex W. Tillerson, anointed to become Exxon Mobil Corp.’s new chairman and chief executive officer at the end of the year, is going to have one of the toughest acts to follow in modern management history.
Exxon yesterday said Lee R. Raymond will retire at the end of this year, ending more than two years of speculation about when he would turn over the reins. Mr. Tillerson, 53 years old, became heir apparent in March 2004 when he was named to the position of president. Exxon said it expects its board to elect Mr. Tillerson as Mr. Raymond’s successor. read more
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Five years ago today, an explosion on board the oil rig Deepwater Horizon killed 11 men and unleashed one of the largest and costliest offshore oil disaster this nation has ever experienced. By the end of 2014, BP, the company primarily responsible for the disaster, estimated the overall economic losses from the spill at over $43 billion.
