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IBM CEO Sam Palmisano Named Presiding Director of Exxon
By Maureen O'Gara
Article Rating:
November 6, 2008 07:15 AM EST
Reads:
 1,550

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.

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.

Published November 6, 2008 – Reads 1,550
Copyright © 2008 SYS-CON Media, Inc. — All Rights Reserved.
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Maureen O'Gara the most read technology reporter for the past 20 years, is the Cloud Computing and Virtualization News Desk editor of SYS-CON Media. She is the publisher of famous "Billygrams" and the editor-in-chief of "Client/Server News" for more than a decade. One of the most respected technology reporters in the business, Maureen can be reached by email at maureen(at)sys-con.com or paperboy(at)g2news.com, and by phone at 516 759-7025.

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