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Websphere News Desk If Gas Prices Spike Again Do We Picket Armonk?
IBM CEO Sam Palmisano Named Presiding Director of Exxon
By: Maureen O'Gara
Nov. 6, 2008 07:15 AM
See, dissident shareholders, including members of the Rockefeller family, wanted Exxon to get itself an independent chairman, somebody other than the CEO and otherwise change its governance practices. This is Exxon's answer. It's reportedly unusually for a sitting CEO to become presiding director at another company. Palmisano's been on the Exxon board for the last two years. This new appointment's for two years.
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IBM CEO Sam Palmisano has been named “presiding director” of Exxon’s board. It means that – in the name of corporate governance – he will chair the board in the absence of the real chairman, CEO Rex Tillerson, and chair executive sessions of the independent directors.
