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Article: The man who will lead Exxon Mobil: can one of America's most controversial CEOs be cloned? Some shareholders hope so; activists pray not. (Succession).(Lee Raymond)(Interview)
- Article from:
- Chief Executive (U.S.)
- Article date:
- October 1, 2002
- Author:
CopyrightCOPYRIGHT 2002 Chief Executive Magazine. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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It's been more than a year since the board of Exxon Mobil asked its chief executive, Lee Raymond, now 64, to extend his contract. Saying that executives in training were not yet ready, the 13-member board asked Raymond, among corporate America's longest-serving CEOs, to stay on past the company's mandatory retirement age of 65. Raymond, who has been part of the Exxon organization since 1963 and chairman since 1993, had planned to retire in 2003, but agreed to stay on until a replacement was ready. The company attributed the postponement to the megamerger of Exxon and Mobil in November 1999, saying the changes it brought delayed the development of potential successors.
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