Exxon And Mobile Complete Merger, Announce New Structure
IRVING, Texas — Exxon Corp. and Mobil Corp. completed their merger on November 30, 1999. The new company, ExxonMobil, has launched a new organization structure built on a concept of 11 separate global businesses designed to allow the company to compete more effectively in a changing, worldwide energy industry.
Lee Raymond, chairman and chief executive officer of the corporation, noted that Exxon and Mobil have historically shared a number of core values that will continue to guide the management of ExxonMobil. “First and foremost, Exxon and Mobil shared a common resolve to maintain the highest standards for safety, health and environmental care. The companies also shared a long-term commitment to creating shareholder value, and a history of strong performance based on efficiency, capital productivity and technological leadership,” he said.
ExxonMobil’s corporate headquarters are in Irving, Texas. The company’s new structure will result in a more focused approach as individual business lines are able to prioritize opportunities and allocate resources on a worldwide basis. Raymond stressed that the new global orientation will also lead to faster identification and implementation of best practices, which is so critical to achieving and maintaining competitive leadership.