ExxonMobil has revealed its Lead Director Ken Frazier will be stepping down after 13 years on the board, with Jay Hooley set to take his place.

Independent directors have selected Hooley as the best candidate to replace Frazier, with Chairman Darren Woods commenting: “The board of directors thanks Ken for his tireless work on behalf of the corporation and owes him a deep debt of gratitude.

“I look forward to working closely with Jay as we continue to strengthen ExxonMobil’s industry leadership position, responsibly meeting global needs while leading in the energy transition.”

Frazier commented: “I am grateful for the opportunity to have worked with so many talented people at the company, including Darren and the members of the board.

“After 13 years on the board, I have made the decision to move on for reasons unrelated to the company. Jay is a terrific choice as my successor, and I congratulate him on his new role.”