Gary Coronado/Houston Chronicle

Kathy Mikells, CFO of ExxonMobil, has announced that she will retire from her position, effective February 1, 2026. Neil Hansen, currently President of ExxonMobil Global Business Solutions, has been appointed to replace her.

According to the company, Ms. Mikells has undergone a series of procedures and surgeries to address a debilitating, but non-life-threatening health issue. She has decided to retire to focus full-time on her recovery.

Ms. Mikells was appointed CFO in August 2021 and, unusually for the company, was an outsider. Prior to joining ExxonMobil, she was the CFO at Diageo, the drinks manufacturer, and previously held the CFO roles at Xerox, ADT, Nalco and United Airlines.

Engine No 1

At the time Ms. Mikells was appointed, the company was under pressure from an activist investor, Engine No 1. Despite having only a $40 million stake in the ExxonMobil, they managed to get three independent directors elected to the Board at the 2021 annual meeting. The investor had argued that the company wasn’t generating enough returns on capital employed and didn’t have a coherent plan to transition to cleaner energy sources.

Engine No 1 sold its stake in 2024 with a 350% return on its initial investment. Two of the three directors elected in 2021 are still on the board. The third, Geoff Goff, resigned from the Board last year after he became the CEO of Amber Energy, which is in the process of becoming the new owner of Venezuela-owned refiner, Citgo Petroleum.

Hansen’s background

Mr. Hansen joined the company in 2000 as a Financial Analyst in Exploration. He has held various roles including VP, Investor Relations and has worked in Russia, Thailand and Belgium. He has an MS degree from the University of St. Thomas and a BA in Marketing from Oklahoma State University.

Mr. Hansen will receive a base salary of $1.02 million.

SEC filing – 8-k ExxonMobil appoints new CFO