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SPRING, Texas - ExxonMobil (NYSE: XOM), with a market capitalization of $513 billion and currently trading near its 52-week high, has announced that Karen T. McKee, the current president of ExxonMobil Product Solutions Company and vice president of Exxon Mobil Corporation, will retire on May 1, 2025. Succeeding her will be Matt Crocker, who has been appointed as the new president of ExxonMobil Product Solutions Company and vice president of the corporation, effective the same date. According to InvestingPro data, ExxonMobil maintains a "GOOD" financial health score, reflecting its strong market position.
Darren Woods, CEO and Chairman of Exxon Mobil Corporation, expressed gratitude for McKee’s contributions over her 34-year tenure, particularly in the Downstream and Chemical sectors. The Management Committee extended their best wishes to McKee and her husband for their retirement. The company has demonstrated remarkable stability, maintaining dividend payments for 55 consecutive years with a current yield of 3.33%.
Crocker, who joined ExxonMobil in 1995, has held the position of President, Global Business Solutions since 2023. His career at ExxonMobil has spanned various leadership roles, including senior vice president and vice president positions in Low Carbon Solutions, Product Solutions, and Upstream businesses. His experience includes work in Refining and Chemicals at operations in Baytown, Baton Rouge, and Fawley.
ExxonMobil is a leading global energy and petrochemical company that provides essential products for modern life, such as energy, chemicals, lubricants, and lower emissions technologies. The company is known for its integrated fuels, lubricants, and chemicals operations and operates the largest CO2 pipeline network in the United States.
The company has set ambitious greenhouse gas emission-reduction plans for 2030, aiming to achieve significant reductions in greenhouse gas intensity across its operations. Furthermore, ExxonMobil has set a goal to reach net-zero Scope 1 and 2 greenhouse gas emissions from its operated assets by 2050, contingent on technological advancements and supportive government policies.
This leadership change comes as part of the company’s ongoing commitment to meet society’s evolving needs and improve quality of life through its business practices. The information is based on a press release statement from Exxon Mobil Corporation. InvestingPro analysis suggests the stock is slightly undervalued, with additional insights available in the comprehensive Pro Research Report, one of 1,400+ detailed company analyses available to subscribers. Discover more detailed metrics and 10+ additional ProTips for ExxonMobil through an InvestingPro subscription.
In other recent news, Exxon Mobil Corporation reported positive fourth-quarter 2024 earnings, exceeding expectations with an 8% adjusted earnings per share beat over Wall Street predictions. This performance was attributed to a strategic focus on advantaged assets in the Upstream Segment. UBS analyst Josh Silverstein responded to these results by adjusting the price target for ExxonMobil stock to $146 from $147, while maintaining a Buy rating, reflecting confidence in the company’s future prospects. Additionally, Exxon Mobil has announced plans to cut approximately 250 jobs in the UK as part of its strategy to consolidate operations, including the closure of its Leatherhead office by 2026. Despite these reductions, the company plans to expand its London trading hub, signaling a commitment to growth in that area. Furthermore, Exxon Mobil has entered into an underwriting agreement for the issuance and sale of $192.8 million in Floating Rate Notes due 2075. This financial move is part of Exxon Mobil’s strategy to secure long-term financing. Lastly, U.S. oil producers, including Exxon Mobil, are set to meet with President Donald Trump to discuss tariffs, trade, and exports of liquefied natural gas, facilitated by the American Petroleum Institute.
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