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Something interesting is happening among shareholders of the energy giant ExxonMobil, which may usher in a new era in activist investing. A new activist hedge fund, Engine No. 1, is pushing widespread reform at Exxon through its “Reenergize Exxon” campaign. What makes this campaign extraordinary is Engine No. 1’s tiny size it holds only a $40 million stake in the multibillion dollar company. Yet there are strong signals that Engine No. 1 is in position to reorganize and reform Exxon from the very top of the company.
Exxon’s financial situation certainly lends itself to an activist hedge fund campaign. As of December, 2020, Exxon’s market cap hovered around $175 billion, down from its peak of $528 billion on December 24, 2007, but up from its trough of $139 billion on October 26, 2020. In August 2020, it’s 92-year membership in the Dow Jones Industrial Average ended. And in an open letter of December 7, 2020, addressed to Exxon’s board of directors, Engine No.1 notes