ExxonMobil Corp. (NYSE:XOM), the world’s largest publicly-traded oil producer, named MetLife Inc. CEO Steven Kandarian to its board of directors Feb. 1.
The company cited Kandarian’s financial and risk management experience as a reason for adding him to the board, which will now have 11 members.
ExxonMobil does not hedge is oil production but does have insurance and other financial protections for part of its operations.
Shares of ExxonMobil rose 1.9% to $88.95 in afternoon trading Feb. 1.
ExxonMobil’s move came the same day Chevron Corp. (NYSE: CVX) named Caterpillar Inc. CEO Jim Umpleby to its own board.
Both ExxonMobil and Chevron are slated to report quarterly results Feb. 2.
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