Rockefellers Dump Exxon Holdings That Made Family's Fortune
- Rockefeller Family Fund plans to divest all fossil fuel stocks
- Descendants of founder call company `morally reprehensible'
ExxonMobil Corp. signage glows at a gas station in Richmond, Kentucky, U.S. at dawn on Wednesday, April 29, 2015. Photographer : Luke Sharrett / Bloomberg
Photographer: Luke Sharrett/BloombergThis article is for subscribers only.
Descendants of John D. Rockefeller sold their Exxon Mobil Corp. stock and plan to dump all other fossil-fuel investments in the latest move against the industry that made their fortune.
The Rockefeller Family Fund concluded there’s “no sane rationale” for companies to explore for oil as governments contemplate cracking down on carbon emissions, according to a statement on the website of the New York-based philanthropic foundation Wednesday.