BOSTON (Reuters) – Hedge fund D.E. Shaw is pressuring Exxon Mobil Corp to make changes and sent the company a letter this week asking it to cut costs and improve performance, two people familiar with the matter said on Wednesday.
The letter, which is private, asked that Exxon cut its capital expenditures and operating expenses, the sources said.
Bloomberg first reported the news.
D.E. Shaw, which oversees $50 billion in assets, is agitating at Exxon at the same time as newly launched fund firm Engine No. 1 and pension fund California State Teachers Retirement System are demanding changes.
Engine No. 1, which made its requests public on Monday, is asking the company to refresh its board, cut costs and preserve its dividend and is planning to run a proxy contest.
A spokesman for D.E. Shaw declined to comment.
The New York-based fund has previously pushed for changes at Emerson Electric, Bunge and Lowe’s Cos.
(Reporting by Svea Herbst-Bayliss; Editing by Chizu Nomiyama and David Gregorio)
