I worked with people from different backgrounds, and it was hard, hot, and very dirty work, he remembers. If I searched Darren's name in a year's time, what would he be saying? We built up our R&D capabilities and expanded external collaborations on technology solutions. Darren Woods is CEO of ExxonMobil, one of the world's largest oil and gas companies. These include ExxonMobil, GE Energy, Qatar Petroleum, Apple, Microsoft, Cisco Systems, Oracle Corporation, Amazon.com and Johnson & Johnson. Access your favorite topics in a personalized feed while you're on the go. The 2000s were grinding to a close, the price of gas was outrageous, and fuel executives started searching far and wide for more oil to satisfy a seemingly relentless demand. Under Woods leadership,, Exxon Mobil has seen major successes including increasing production capacity by 40 40%% from 20172019; doubling its dividend;; reducing greenhouse gas emissions intensity by 15%; and becoming one of the world top 10 ranked oil & gas companies based on return on capital employed ( (RROCEOCE).). Before I go on to the kind of more sceptical read, I think it's also important to point out that we're in a global fight for talent, we're in a global fight for capital, and if you want money, and if you want the next generation of top employees joining your companies, then you can't get them in the boardroom at the interview and say: oh, this is all for show. university In 2008, he was named ExxonMobil Refining and Supply Company's director of refining for Europe, Africa, and the Middle East, and was based in Brussels. We can't forget that with unprecedented times comes unprecedented opportunity. Some of the most widely discussed include: authoritarian (autocratic), participative (democratic), delegative (laissez-faire), transformational, transactional, and situational. Behind those tough decisions is what some employees have referred to as the, We mapped out the executives they oversee in an. He is Jeffrey Ubben, the co-founder of Inclusive Capital Partners, a firm that specialized in funding environmentally friendly businesses. 0 We're in a much stronger position now to realize the benefits of the economic recovery, capitalize on market improvements, and capture future opportunities. Since Exxon made an initial discovery of crude about 120 miles off the Guyanese coast in 2015, it launched one of the biggest underwater geological surveys in the industrys history and landed a remarkable string of 16 world-class discoveries. This process is automatic. Based on 213 ratings . Additionally, he has invested in the oil and gas sector as well as various real estate projects around the world. How will it be different, and what role will your company be playing in bringing about the future of that industry? And I wonder Sam, if you've got any reflections on how that was framed, and using that quote rather than something else. Eleven companies are now coming together to advance large-scale CCS technology in the Houston area, which is one of the most concentrated sources of CO2 in the U.S. We know that the oil and gas sector has an enormous reputation problem. And in fact, more than anything else, if they're not part of the solution, do they have a future in 10, 20, 30 years? hb``` eah 8&& 2faPQPm@U3@79jf[39O;3\2YP.+fm\7- FkGGC(`v`` (!R70 AAAh6LE M58M=HItZW%8,40w@#h ~` ?K Darren Woods is the current CEO and Chairman of Exxon Mobil. He was also name Business Roundtables Chairman for 2020-2021. Our plan called for improved margins, operating expenses, and other factors that could position us to significantly rebound and regain industry-leading financial performance. One kid belted out, this was nothing like our homework! Today, we're seeing the benefits of investments we made at the bottom of the commodity cycle, when many of our competitors pulled back. Any changes made can be done at any time and will become effective at the end of the trial period, allowing you to retain full access for 4 weeks, even if you downgrade or cancel. Turning towards brighter horizons, Exxon has revised its Permian Basin growth plans to produce more than 1 million oil-equivalent barrels per day as early as 2024 an increase of nearly 80 percent by 2019 standards and a significant acceleration of value. Behind those decisions is what some employees have referred to as the"God Pod" Exxon's executive wing at the company's headquarters. Additionally, he has made it a priority to focus on safety and environmental protection while still driving growth for the business. I'm proud of the work that all of you have done to overcome the challenges of the past few years. He was appointed president of Exxon Mobil Refining and Supply Company and vice president of Exxon Mobil Corporation in 2012. People named Darren Woods. Ark expects Teslas market cap to surge from roughly $500 billion to $6 trillion over the next four years. In short, Darren Woods maintains a disciplined approach to investing based on sound principles and principles of risk management. Top editors give you the stories you want delivered right to your inbox each weekday. Many new technologies, including AI, have entered the market, accelerating change by leaps and bounds. Here's what to expect when the club opens in 2025. Our Upstream business continues to improve the portfolio and is on track for the best cash flow performance in the industry by 2025. ' However, Tillerson graciously reassured him, thats one of the reasons why you got it.. Mike Trout, the three-time American League MVP and 10-time All-Star is partnering on an 18-hole golf course in southern New Jersey that will be designed by Tiger Woods. Woods long-term vision for ExxonMobil has allowed it to stay ahead of the curve, providing customers with innovative products and services that meet their needs. Join the Brooksy Society by subscribing to our Monthly Newsletter! I'd like to start by simply thanking you. Exxon Mobil Corp. and Chevron Corp. are reaping profits not seen since oil topped $145 a barrel in 2008 almost twice the current price. Join over 300,000 Finance professionals who already subscribe to the FT. During your trial you will have complete digital access to FT.com with everything in both of our Standard Digital and Premium Digital packages. Cons of a participative leadership style: One way, was to make a big, bold, eye-catching prediction about the future. Our businesses continue to lead the way in supplying the world with the products essential for modern living. This site uses Akismet to reduce spam. It's about actually being able to show the evidence, show the projects, show the investment that's really gonna drive this energy transition. Complacency breeds to corporate death. At the top is CEO Darren Woods, who's led the company since 2017, along with three other members of Exxon's management committee: Neil Chapman, Andrew Swiger, and Jack Williams. He continues innovation by implementing new technologies and processes to improve efficiency within the company. Richard Carson/REUTERS; Richard Carson/REUTERS; Mark Schiefelbeinl/Getty; Fazry Ismail/Getty; Skye Gould/Insider, NOW WATCH: What it's like inside Hollywoods exclusive Magic Castle, Visit Business Insider's homepage for more stories. We still have work to do, though we have turned the corner and are on the right track to regain industry-leading performance. If we ever needed proof that policy makers are struggling to tackle the problem I mean, that was it. So Sam, can you just give us a rundown on who Darren actually is? Woods said he reaggravated his plantar fasciitis, a condition that causes pain near the heel of the foot. On this episode, we're talking about ExxonMobil, and its CEO Darren Woods. He tries to teach players from his past experiences from his three seasons at UNLV. The Papa Johns brand has received some negative publicity recently, but over the years it has proven to be a marketable brand. Before joining ExxonMobil, Woods spent 18 years at GE Energy in various roles including Marketing Manager for North America Power Systems and President & CEO for GE Lighting Solutions. Rolex has supported the Masters tournament since 1999, and became an International Partner in 2008. ExxonMobil's Industry Leadership Deteriorates Under CEO Darren Woods Company Slips Compared to Peers in Profits, Cash and Shareholder Return Executive Summary ExxonMobil's pre-pandemic financial performance has deteriorated during the first three years of Chairman and Chief Executive Officer Darren Woods's tenure (2017-2019). Darren Woods is an exemplary leader who is transforming ExxonMobil into one of the most successful energy companies in the world today. The board of directors of Exxon Mobil Corporation congratulates Rex W. Tillerson, chairman and chief executive officer, on his nomination for the position of U.S. secretary of state, Suzanne McCarron, Exxons vice president of public and government affairs, said. The next year of his life took place back in Dallas, where he functioned as Investor Relations manager. Stay up to date with what you want to know. But there's also a trust problem with companies like Exxon. He joined Experian plc as Chief Financial Officer in April 2012, a post he held until his appointment as Chief Executive Officer in July 2014. See Photos. With over 10 years experience he's covered businesses, CEOs, and investments. However, his intentions were somewhat more complicated than a wish to promote environmentalism, which leads to the next point. Global economies are rebounding as vaccination rates rise and infection rates fall. Darren Woods Exxon Groundbreaking reporting from InsideClimate News, the Los Angeles Times, and other outlets has shown that #ExxonKnew about the dangers posed by its fossil fuel products for decades, but engaged in a widespread campaign of deception to protect its profits. He's number 34 on the Forbes list of the most powerful people in the world, and he has really ambitious growth plans for the company, including drilling in the Permian Basin of Texas and New Mexico, and in the Bakken Shale formation in North Dakota. The Houston carbon capture and storage(CCS) hub announced in April has gained widespread support. He looks for companies with strong fundamentals and sustainable competitive advantages, as well as those that will benefit from economic trends such as increasing demand in emerging markets or new technological advancements. This is because said island can be found in the North Pacific Ocean, with the result that it has a cold and humid climate. Darren Woods was elected Chairman and CEO of the world's largest publicly traded international oil and gas company in January 2017. We support credit card, debit card and PayPal payments. Our Downstream business is steadily improving with a slow return to pre-Covid markets. Now I lead a team of 105 passionate professionals, who work together to connect New Zealand business with their digital goals. Darren Woodss net worth is estimat to be around $20 million. Personal Relationships and Net Worth: Darren Woods is married to Kathryn Woods and the pair have been together for quite a while. [7], At an investor meeting in New York in 2017, Woods outlined his growth plan including drilling in the Permian Basin of Texas and New Mexico and the Bakken shale formation in North Dakota. While the technology has yet to become widely deployed because it is very expensive, Woods and Exxon scientists argue that it could play an important role in reducing emissions from cement and steel manufacturing and other industrial processes that cannot easily run on renewable energy. Through his innovative approach to problem-solving and strong focus on safety standards, innovation, and sustainability, Woods has set ExxonMobil up for success well into the future. We've had outstanding success with discoveries in Guyana and increased the total estimated recoverable resource on the Stabroek block to approximately 10 billion oil-equivalent barrels. Our past efforts to increase efficiency are now helping improve our margins as the industry rebounds. So he's instead positioned this whole strategy in terms of what's actually financially good for the company as well in the long term. Ironically, it came at a time when oil prices were soaring beyond $140 a barrel (today, oil prices are around $65 a barrel) that the oil giant began making decisions theyd later regret. Enjoy our content? After earning his MBA from Stanford University in 1994, Woods joined GE as Director of Business Development. Strong results over the past four quarters underscore . In short, Woods stated that the United States should remain in the Paris Agreement because that would provide it with more influence over it as well as whatever might pop up because of it. BP has a photo of a flash new solar panel, Shell has an image of a dad teaching his little girl how to ride a bike on their front page. [8] In May 2017, Woods wrote a personal letter to President Trump to urge that the U.S. remain a party to the agreement. I'm Jordan Greenaway, Managing Director of Transmission Private. So the optimistic read is that there are some savvy, thoughtful, strategic people sitting around a boardroom, looking in their telescope as to what the future looks like and saying, actually guys, you know: we've had a really successful company, in fact, ExxonMobil's been around for a hundred years, one of the few companies that have existed on the US stock exchange for so long and saying, if we wanna exist in the 2030s we've got to change. See Photos. American businessman and CEO of ExxonMobil, "Darren W. Woods: Executive Profile & Biography - Bloomberg", "Exxon Mobil Taps Darren Woods to Replace Rex Tillerson", "ExxonMobil (XOM) Names Darren Woods Chairman, CEO", "Exxon Mobil Taps Darren Woods to Replace Rex Tillerson as CEO", "Exxon CEO Darren Woods steps out of Tillerson's shadow - CBS News", "Exxon Exclusive: New CEO Opens Up On Russia, Climate Change, And The Permian Boom", "Darren Woods, Exxon's New Chief, Begins to Make His Mark", "Exxon chief urges Trump to back climate agreement", "Exxon's Plan for Surging Carbon Emissions Revealed in Leaked Documents", "The dirty dozen: meet America's top climate villains", "Exxon CEO accused of lying about climate science to congressional panel", https://en.wikipedia.org/w/index.php?title=Darren_Woods&oldid=1152459120, American chief executives of Fortune 500 companies, Short description is different from Wikidata, Creative Commons Attribution-ShareAlike License 3.0, This page was last edited on 30 April 2023, at 10:36. Last year alone, reports The New York Times, Exxon took credit for five of the six biggest oil finds, all in Guyanese waters. Darren Woods is CEO of ExxonMobil, one of the worlds largest oil and gas companies. Jordan Greenaway: And he's highly associated with the gas and oil industry. As a result, growing up I moved every two to three years.. [7] Woods has publicly endorsed the Paris climate accord. Under Woods leadership, ExxonMobil has seen major successes including increasing production capacity by 40% from 2017-2019; doubling its dividend; reducing greenhouse gas emissions intensity by 15%; and becoming one of the worlds top 10 ranked oil & gas companies based on return on capital employed (ROCE). Darren Woods. Woods joined Exxon in 1992 as a planning analyst and was appointed a vice president of Exxon Mobil Corporation in 2012. Darren Woods. Whether private or public, a quality primary education is mandatory now. Here, Rolex Testimonees Jack Nicklaus, Tiger Woods and Scottie Scheffler talk golf and Rolex. These times have been truly unprecedented for the world, for our industry, and for our company. See Photos. Sam again, thanks for that outline. I was shocked!. Tiger Woods has been in the news - for his golf course design business. What can natural networks teach businesses to help them adapt more quickly, become more efficient and improve success? A consortium led by Exxon plans to produce 750,000 barrels a day by 2025 from its Guyanese fields an enormous addition to its current global production of four million barrels a day. Darren's obviously got these big, bold claims that he's pushing out in the media at the moment. Following his undergraduate graduation, Woods spent his hiatus from the ivory towers of higher education at an aerospace company named TRW. $20.7 billion Amount by which exxon mobil's debt load increased in 2020, to a total of $67.6 billion One interesting observation to point out is, a couple of self-made billionaires also found themselves working amongst TRWs west coast offices at a particularly early stage in life, their names are Henry Samueli and Henry Nicholas III. This initiative includes investing $100 million over 10 years into research related to reducing methane emissions from natural gas operations worldwide. And just like most people, you also enjoy riding your bike. So, he has got a very established public profile, he's been with the company for a long time. Darren Woods' salary had risen by 10% to $1.9m last year while his share awards surged by 80%. On December 5th, he came home and asked her, how much do you like this house? She looked at him rather puzzled, wondering why hed ask such a thing, thats when he broke the news, I think Im going to get fired., Having been added to an exclusive, but cut-throat, program intended to groom international executives from within the company, he sensed something going awry. This can sound strange to some, seeing as how Woods is the CEO of Exxon Mobil. I think Woods actually brings up a very, very interesting point when he says: an abrupt transition will be costlier in the long run, both financially and economically. See Photos. [2], Woods was born in Wichita, Kansas. As a result, prices and margins are rising, improving revenue that we're using to strengthen our balance sheet, fund our capital program and pay the dividend. So you better listen to us, otherwise we're gonna create a lot of havoc for you, in the media and investment circles. I'm gonna go out on a bit of a limb here. My father worked for the Army and Air Force exchange service, headquartered in Dallas, he says. 534 0 obj <> endobj Exxon said its internal projections are "a preliminary, internal assessment of estimated cumulative emission growth through 2025 and did not include the [additional] mitigation and abatement measures that would have been evaluated in the planning process. Darren W Woods is Chairman/CEO at Exxon Mobil Corp. See Darren W Woods's compensation, career history, education, & memberships. The pair have three children and the family currently lives in Texas. To me, that was a moment when the general public really started to take climate change and fossil fuels really seriously. Straight from Darren Woods Jr.'s mouth-that is his leadership style. Mobil leadership has helped the company gain a competitive edge in the energy industry. In 2017, Woods spoke about his plans for the future. Those efforts largely failed, explains The Wall Street Journal. The oil titan saw profit evaporate as oil prices crashed, and it was forced to slash spending and cut jobs. He received his promotion when his predecessor Rex Tillerson was nominated to become the U.S. Secretary of State, which resulted in Tillerson's firing in March of 2018. He had worked for Exxon for 24 years prior to being promoted to CEO following Rex Tillerson's nomination by President Donald Trump to be the next United States Secretary of State. NFL fans have seen Peyton Manning and Papa Johns teaming up on ads,, Read More How Much Does it Cost to Open a Papa Johns Franchise?Continue, Sixteen years ago, I had just graduated from law school and was entering the legal work force in one of the most competitive cities in the world, Los Angeles. [3][4], Woods joined Exxon in 1992. Darren Woods, chairman and CEO of Exxon Mobil Corporation, denied any inconsistency between what the company told the public and what Exxon scientists had privately warned. You know if we look to COP 26 Alok Sharma he broke down in tears and apologised for the lack of action. Finally, Woods revealed a fair amount of optimism about Sakhalin-I, which is a Russian project being carried out by Exxon Mobil and a number of other oil and gas companies. The executive wing of Exxon Mobils headquarters is nicknamed the God Pod. Change the plan you will roll onto at any time during your trial by visiting the Settings & Account section. However he does like to take on other topics involving some of his personal interests like automobiles, future technologies, and anything else that could change the world. They're taking a slightly different take, they're saying we're still producing oil and gas, but we're also generating renewable energy. Whether the US should be in the Paris Climate Agreement is a far more contentious issue than it should be for most people. So today we're talking about a particular interview that he did with CNBC. In 2017, he made headlines by urging President Trump to remain a party to the Paris Climate Accord. ExxonMobil is one of the worlds largest integrated energy companies, offering oil and gas products and services to customers around the globe. What are your thoughts? And in some ways they're refreshingly upfront about this if you go onto the Exxon website, their main image is an oil rig. Premium access for businesses and educational institutions. Once you become a victim, things are no longer in your control, youve given the power to somebody else and that means youve lost because theres nothing you can do anymore. personalising content and ads, providing social media features and to Being so in love with this woman, her destined decision to attend Texas A&M pretty much confirmed where he was going too. Talk about your stomach falling through your feet, he laments. There were a lot of people who spoke out in one way or another, but Woods is interesting in that he wrote a personal letter to Donald Trump to state his opinion on the matter. offers FT membership to read for free. There is more creativity and group members feel engaged. I liked problem-solving and had an affinity toward math, so engineering seemed a natural fit for me, the then aspiring student, and current chief executive explains. as well as other partner offers and accept our. I really struggled because I was so narrowly developed as a student when I had been picking my engineering courses, I felt like I needed to learn a lot more about how you make money and fund the good idea.. A media frenzy rapidly ensued over the rarity of a Fortune 500 executive going from the c-suite to the west wing and all sorts of theoretical conflicts of interest that could transpire considering he came from an international corporation monetarily tied to sanction-strapped adversaries such as Russia. By following these strategies, investors can maximize returns while minimizing risks associated with investing. But I think the clamour for more action is not going to stop, and being part of the solution to that energy transition is not the same as actually trying to stop the bad stuff that you've been doing for the last 10, 20 years. Learn how your comment data is processed. This enables him to reduce the risk associated with investing while still achieving maximum returns. Rather than promoting to the nearest junior high with the rest of his recently-made friends, he hopped on a one-way flight to Hawaii, where hed spend another four years. I told him, well I dont really want it. This added up to 355 yards on 24 reception and 5 touchdowns for him. Looking back on the ordeal, Woods admits, that was a very powerful message for me as a young person coming into the field. The idea of solving problems or even inventing previously unimaginable solutions really got him jazzed up. Darren Woods was born in Wichita, Kansas during the mid-1960s, but moved to Texas shortly thereafter and then he headed overseas to South Korea. %PDF-1.7 % You may change or cancel your subscription or trial at any time online. Each episode we discuss a news story that is making headlines for the right reasons, whether it's a CEO leading the way, an investor rethinking how to make an impact, or a brand that is bucking the trends. There was an alternative way he could have framed this he could have framed it as this is the right thing for the company to do from a moral perspective, but he's decided to instead of be seen as moralising, to make a big, bold, transformative prediction to the future. Exxon Mobil wasted no time in announcing a day or so later that Darren Woods would succeed Rex Tillerson as chairman and chief executive, effective sooner than anticipated January 1st, 2017. Sam Patchett: Yeah, absolutely, and I just wanna jump in on a really good point you make about attracting talent, because when it comes to these old, legacy fossil fuel oil and gas companies so often the focus in terms of how they're perceived is their relationship with shareholders, or their relationship with customers and the public, and policy makers as well. 2023 Forbes Media LLC. Soon after I joined Exxon, I was talking to the HR people and they were telling me about this philosophy behind a successful career pension plans, all that kind of stuff, he recounts. "[10], In 2022, Woods was named one of the US' top 'climate villains' by The Guardian after "Exxon lobbyists were captured on video revealing the companys efforts to obstruct climate legislation in Congress. Darren Woods: CEO of ExxonMobil with Best Leadership Style. People have lost trust in that relationship, and now is a good time for someone like Woods to step in and own the conversation. In 2016, S&P Global Ratings stripped Exxon of the triple-A credit rating they held since 1930; it was one of only three companies to hold the distinction at that time, the others being MicrosoftCorp.andJohnson & Johnson. Were increasingly confident about our Permian growth strategy due to our unique development plans, said Neil Chapman, ExxonMobil senior vice president. Personal and business travel is resuming. Exxon faced a difficult 2020. We seek to be a leader when it comes to helping society achieve its lower-carbon ambitions. We started laying groundwork for this in 2017. Especially his bold prediction that every new passenger car sold in the world will be electric by 2040. Theyve made significant progress in reducing their greenhouse gas emissions thanks toa robust development portfolio of technologies and products aimed at capturing carbon output. Chairman and CEO Darren Woods discussed the current state of the industry, how the company managed through a difficult period, the leadership role the company intends to play in the energy transition, and his optimism for the future. Furthermore, Woods is an active philanthropist who has donated to numerous charitable causes over the years. Woods has had an impressive career since he took on this role in 2017, and his leadership has helped to transform the company into a leading force in the global energy sector. %%EOF We will be connecting homes and businesses in the cities and in the . At sixteen years old, he got his first job unloading overseas containers at a Navy warehouse on one of the islands. I think we both agree with that. Additionally, Woods negotiated key deals with Qatar Petroleum that enabled two new projects at Jaron Island in Singapore that will provide up to 9 million tons per year of liquefied natural gas (LNG). We are delivering excellent progress and performance in each of our businesses, and we are stronger today than ever. In the last two days, I've heard two Shell ads, one on the tube, one on a podcast I was listening to. It also serves as a significant provider of energy to power homes and businesses, with a presence in more than 25 countries across six continents. Darren Woods didnt necessarily want to work for an oil and gas company, in reality, regardless of the industry, what he desired most was a general management career that included traveling around the world and regularly engaging with colleagues who could help him develop as a person.
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