Now the platform no.1's chief active engagement Charlie Penner is behind the 'innovating' board challenge at Exxon, which upset the corporate world, leaves the sustainability-focused hedge fund.
Penner, a partner at Engine No. 1, said he was resigning. The company confirms a Reuters report based on the decision's sources.
"We appreciate the extremely valuable work Charlie put in at Engine No. 1 and especially on the Exxon campaign," an Engine No. 1 spokesman said in a statement.
Engine No. 1, which was only $250 million in assets when it opened for business in March of 2016, splashed big in May when shareholders elected three of the four directors the hedge fund nominated to the U.S. oil company's board.
The hedge fund invested about $40 million in the initial investment and argumented that Exxon, now valued at $70 billion, needed new blood due to its poor financial performance and lack of a broad plan to address climate change. read more The bank spent $32.5 million on the campaign.
Penner joined Engine No. 1 in October 2020 in order to become a partner and became the first to have the idea of fighting Exxon from the fund.
He presented the case to all Exxon shareholders including Vanguard, BlackRock and State Street.
After 15 years in the activist firm Jana Partners, Barry Rosenstein founded the new firm. Chris James joined Chris James and moved into the new firm.
On a basis for its Exxon win, the firm rolled out an exchange traded fund to capitalize on the potential of Main Street investors. Following that, it resigned from the company. The initial two-year acquisition will yield a financial and finance strategy.
Penner has worked on activist campaigns for more than a decade and plans to run them while collaborating with others investors.
The California State Teachers Retirement System (CalSTRS) backed the Apple and Exxon campaigns.
According to the people familiar with this matter, Penner privately pressured McDonald's Corporation (MCD.N), a subsidiary of CalSTRS, to sell plant-based burgers to address the guest population's decline.
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