Tom Bawden in New York
Win tickets to the ATP finals
Just one day before Exxon Mobil was expected to unveil the biggest quarterly profit in US corporate history, the company's founding Rockefeller family gave warning that it was falling behind competitors in key areas of renewable technology such as wind and solar power.
The family, which still owns a substantial, but undisclosed, minority stake in the group, called for the appointment of a new independent chairman, which it said would be the best way to shake up the backward-looking senior management team.
Exxon Mobil, the world's biggest oil company, is expected to report first-quarter profits of about $12 billion (£6.05 billion) today, narrowly beating the record US quarterly profit of $11.7 billion that it set in the last quarter of 2007.
But the descendants of John D. Rockefeller, founder of the Standard Oil Company, which has become Exxon, attribute much of the group's success to the surging price of oil.
Neva Rockefeller Goodwin, John's great granddaughter, yesterday accused Exxon of “focusing on a narrow path that ignores the rapidly shifting energy landscape around the world”.
Peter O'Neill, head of the Rockefeller family committee dealing with Exxon and great, great, grandson of John, added: “Having an independent chairman leading an independent-thinking board of very experienced directors will substantially improve Exxon's ability to look the future squarely in the face and will increase its flexibility.”
An Exxon spokesman said: “We are focused on delivering the energy the world runs on today, reliably and safely and with a lower environment footprint. In addition, we are focused on R&D activity and looking for the step-change breakthrough that would improve the economics of various alternatives.”
Industry sectors news at a glance. Interactive heatmap, video and podcast
Everything the Business Traveller needs to know to make a better trip
Get ready for the winter sports season, with our resort guides and snow reports
We are backing British business, what is the confidence of the nation and what businesses are succeeding?
Growing demand for energy, oil that is harder to reach and the rise of carbon dioxide emissions. We examine the energy challenge
Enjoy further reading from Travel to Fashion, Business to Sport, discover more
Shortcuts to help you find sections and articles
36-month car lease
on contract hire for
£359.99 plus VAT pm
12 months for the price of 11 and a 5% discount.
Offer ends 31/11/09
The UK's leading alternative to showroom finance.
Finance packages tailored to your needs.
Minimum loan of £15,000
Car Insurance
£12,578 per annum
The Independent Housing Ombudsman
London
Competitive
Barclaycard
Not Specified
The Sheppard Trust
London
£80-95,000
Clay McGuire Executive Selection
Moments from Battersea Park.
For sale with Winkworth.
See your free Experian credit report beforehand
Book now & save over £100pp.
11 cool resorts, lowest prices... Early Booking offers 15 Nov.
20% off selected Azores holidays taken in October with Sunvil Discovery
Get covered on your travels with a superb range of policies at great prices. Visit InsureandGo.com
World Class Golf, Spa and preferential Beach Club. Private estate overlooking West Coast
Villas from £275 per night inclusive of Golf
Contact our advertising team for advertising and sponsorship in Times Online, The Times and The Sunday Times, or place your advertisement.
Times Online Services: Dating | Jobs | Property Search | Used Cars | Holidays | Births, Marriages, Deaths | Subscriptions | E-paper
News International associated websites: Globrix Property Search | Milkround
Copyright 2009 Times Newspapers Ltd.
This service is provided on Times Newspapers' standard Terms and Conditions. Please read our Privacy Policy.To inquire about a licence to reproduce material from Times Online, The Times or The Sunday Times, click here.This website is published by a member of the News International Group. News International Limited, 1 Virginia St, London E98 1XY, is the holding company for the News International group and is registered in England No 81701. VAT number GB 243 8054 69.