Exxon Mobil announced that Dan Ammann, former president of General Motors, will take over its largest and most profitable business, the Upstream oil and gas division, early next year. Ammann joined Exxon in 2022.
Ammann will replace Liam Mallon, who is set to retire on February 1 after 34 years with Exxon. This leadership change places a new executive at the helm of the division responsible for the majority of ExxonMobil's earnings.
The Upstream segment is a core focus of ExxonMobil's multi-year transformation strategy, centered on building a resilient portfolio of advantaged assets. This appointment is expected to influence the execution of this strategy.
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