Skip to content

Exxon in Danger of Being Next Blockbuster, Kodak, CalSTRS CIO Says

  • CIO Ailman accuses oil giant of not embracing new directors
  • Ailman says Exxon not listening to investors on clean energy
Bloomberg business news
CalSTRS CIO: Exxon in Danger of Being Next Blockbuster
Updated on

Exxon Mobil Corp. has failed to embrace new, climate-conscious directors and is in danger of going the way of Eastman Kodak Co. and Blockbuster Video if it sits out the transition away from fossil fuels, said CalSTRS Chief Investment Officer Christopher Ailman. 

The nation’s second biggest public-pension fund supported activist investor Engine No. 1’s successful campaign to replace one-fourth of Exxon’s board earlier this year as part of a larger effort to force an overhaul of the oil giant’s approach to climate change.