ExxonMobil says it is further streamlining its business structure by combining chemical and downstream companies and centralizing technology and engineering, and other support services. Effective April 1, the company reportedly will be organized along three business lines – ExxonMobil Upstream Company, ExxonMobil Product Solutions and ExxonMobil Low Carbon Solutions. They will be supported by a single technology organization, ExxonMobil Technology and Engineering, and other centralized service-delivery groups providing like capabilities.
ExxonMobil says it is on track to exceed $6 billion in structural cost savings by 2023, compared to 2019, driven by savings from the new business structure and measures such as centralizing procurement, digital transformation of processes and right-sizing programs that were announced in 2020.
Karen McKee, formerly president of ExxonMobil Chemical Company has been appointed to lead ExxonMobil Product Solutions. Linda DuCharme, formerly president of ExxonMobil Upstream Integrated Solutions and ExxonMobil Upstream Business Development, has been appointed to lead ExxonMobil Technology and Engineering Company. This change will also consolidate the Upstream into a single organization, ExxonMobil Upstream Company, which will be led by Liam Mallon, formerly president of ExxonMobil Upstream Oil and Gas Company.
The company says it will also relocate its corporate headquarters from Irving, Texas, to its campus north of Houston. The move will reportedly be completed mid-year 2023.
“Aligning our businesses along market-focused value chains and centralizing service delivery provides the flexibility to ensure our most capable resources are applied to the highest corporate priorities and positions us to deliver greater shareholder returns,” says Darren Woods, chairman and chief executive officer.
For more information, visit: www.exxonmobil.com
