ExxonMobil

ExxonMobil does offer DP benefits in countries where same-sex marriage is legal. External links for this section:. Mobil employees who already had DP benefits were allowed to keep them, but no other employees could join after the merger. Another former executive and Purcell loyalist received a golden parachute of $32 million, which was criticized by analysts as a waste of shareholders' money to "buy off" the former executive. Domestic partner benefits were ended following Mobil's merger with Exxon. Purcell's exit package, in excess of $113 million, has caused some talk of a proxy battle, especially when seen in the context of several other senior executives' contracts which have recently come to light in the press. However, ExxonMobil contends in other publications that the non-discrimination policy does apply to sexual orientation, even though it is not written expressly in the policy. What performance is meant is unclear since the main performance Morgan Stanley needs from its CEO (now Mack) is future strategy he never provided when CEO in the past.

Sexual orientation was taken out of the ExxonMobil non-discrimination policy following Mobil's merger with Exxon. Mack announced he does not want the $25 million per year guaranteed him in his rehiring, preferring instead to be paid based on performance. The company had previously lost points because it took action against the equal rights of LGBT people at the time of the merger. Part of the ironic background of the dispute was a rift, long pre-dating the merger, between John Mack and the members of the dissident group when they were all working at the firm, which resulted in Mack's ascendancy at the expense of that of the eight dissidents. ExxonMobil received a 14% rating from the Human Rights Campaign's Corporate Equality Index in 2004. The current position of the eight dissident shareholders is not clear and can be assumed to be ambivalent. Kelloggs sued Exxon because the Tiger mascot looked like Tony the Tiger. It has been speculated that he will seek the return of some departed colleagues, potentially including Vikram Pandit and Perella, but the validity of such speculation remains to be seen.

As soon as Bush was elected, they argue, the USA - the world's biggest polluter - withdrew from the Kyoto Protocol, the international measure to cut down on global warming. Former President John Mack was chosen to succeed Purcell and his appointment was made official by the board of directors on June 30, 2005. They also claim that Esso has flatly refused to believe that the burning of fossil fuels has any negative effect on the environment or climate change as a whole, despite its being accepted by the scientific community. A past head of fixed income, she has over 20 years of Wall street experience, but is relatively unknown outside of Morgan Stanley. Greenpeace have been campaigning against ESSO for many years and their main reasons for doing so include their position on the issue of climate change. Zoe Cruz, former co-President and President as of July 11, 2005, was under consideration to take Purcell's place. Unlike other major oil companies such as Shell Oil and British Petroleum, Exxon is one of the few that has actively fought the Kyoto Protocol and disputed scientific opinion on global climate change. The focus of Morgan Stanley has historically been on institutional clients.

These organisations commonly parody the company's brandname as "E$$O", an example of alternative political spelling, to indicate their belief that the company is only interested in short-term profit, and is willing to use its financial power to buy influence. Debate continues over Purcell's strategy of keeping the firm as a "financial supermarket" to all investors (both retail and institutional). The company has been a target for a number of political campaigns, including the Stop Esso campaign, held by Greenpeace, Friends of the Earth and People and Planet, and aimed at boycotting Esso. As of June 30, 2005 he was officially succeeded by John Mack in both capacities. Exxon Mobil is regarded by many environmental activists as an example of disregard for environmental concerns by US-based corporations. Former CEO Purcell announced on June 13, 2005 that he will retire as CEO when a successor is found, but no later than March of 2006. In 2003, the Office of Foreign Assets Control reported that ExxonMobil engaged in illegal trade with Sudan and along with dozens of other companies had to settle with the United States government for US$50,000 [4]. However, his successor (see below) announced that the division would be kept with the firm.

[3]. Purcell had announced plans to spin off the Discover Card division, a heavy earner for Morgan Stanley, as steadily hiking fees have increased profits while the number of card holders has remained the same. [2] Questions have been raised about ExxonMobil's actions in securing these concessions—Forbes Magazine alleging that "ExxonMobil handed hundreds of millions of dollars to the corrupt regime of President José Eduardo dos Santos in the late 1990s". (See New York Times article, May 13, 2005.). ExxonMobil controls concessions covering 11 million acres (44,500 km²) off the coast of Angola that hold an estimated 7.5 billion barrels (1.2 km³) of crude. On May 12, 2005, dissidents announced a plan to split up Morgan Stanley into two firms: one retail (as former Dean Witter) and one institutional firm (as former Morgan Stanley), saying Purcell's plans to merge these two entities has not worked over the past eight years. [1]. At that time, Purcell retained support of the Morgan Stanley board, which some say he "packed".

State Department filed an opinion in the case in July 2002, requesting that the suit, brought by the International Labor Rights Fund, be dismissed on national security grounds. It was announced on April 13, 2005 that Perella was also leaving Morgan Stanley. The U.S. Perella left Wasserella to join Morgan Stanley and managed the Investment Banking Division at Morgan Stanley for a time. The company denies these accusations and filed a motion to dismiss the suit, which is still pending as of 2005. (Perella joined Bruce Wasserstein to form the former "Wasserstein Perella" (aka "Wasserella") specialist firm dealing mainly in mergers and later sold to Dresdner Bank). Human rights complaints involving ExxonMobil's relationship with the Indonesian military first arose in 1992; numerous inquiries have found evidence of human rights violations on ExxonMobil property and/or committed by Indonesian troops guarding ExxonMobil facilities. Key to the firm's future was Joe Perella, the head of investment banking and former head of M&A at CSFB (Credit Suisse First Boston).

The suit alleged that the company knowingly assisted human rights violations, including torture, murder and rape, by employing and providing material support to Indonesian military forces, who committed the alleged offenses in Aceh. The dispute, which the eight former executives claim represents a groundswell within the company, concerns Phil Purcell's alleged neglect for Morgan Stanley's traditional and most profitable institutionally ingrained business, investment banking. In June 2001, ExxonMobil became the target of a lawsuit in the Federal District Court of the District of Columbia, under the Alien Tort Claims Act. Three days later, on March 31, the so called “Group of Eight” published a full-page advertisement in the Wall Street Journal revealing their position. ExxonMobil's activities in the Indonesian territory of Aceh, where the company extracts and exports natural gas, have attracted scrutiny. On March 29, Purcell announced that he would be replacing then President Stephan Newhouse, a 26 year Morgan Stanley veteran and former Navy officer, with Zoe Cruz and Steve Crawford, two of Purcells most recognized supporters. ExxonMobil now has the most assets in the world, and generated 246.7 billion dollars in total revenue for 2003. Parker Gilbert, who had been chairman of Morgan Stanley several years before the merger, and Robert Scott, who had been President under Purcell before being pushed out by Purcell, sent a letter to the Board on March 3, 2005, requesting immediate replacement of Purcell as CEO.

Exxon's long-time mascot is a tiger; Mobil's mascot is a flying horse which dates back to the late 19th century and is one of the oldest marketing symbols still in use. Concerned over lackluster performance, eight former senior Morgan Stanley executives, including S. In 2005, its stock price surged in parallel with rising oil prices, surpassing General Electric as the largest corporation in the world in terms of market capitalization.
External links for this section:. They continue to operate over 700 Mobil branded outlets in the state. From a business ethics perspective, it is also questionable whether Morgan Stanley, in its analyst capacity, was responsible for or even capable of ensuring the accuracy of Sunbeam financial data, which is generally considered the responsibility of internal and external accounting faculties. In 2000, ExxonMobil sold a California refinery and 340 Exxon-branded stations to Valero Energy Corporation, as part of a divestiture of California assets. It should be noted that Morgan Stanley lost an estimated $300 million on the Sunbeam collapse, calling into serious question any alleged motive on the firm's part.

After shareholder and regulatory approvals, the merger was completed November 30, 1999 (the deal was announced the next day). Morgan Stanley asserts many rulings in the trial were "unprecedented and highly prejudicial" (from a statement, see links below). In 1998, Exxon and Mobil signed a US$73.7 billion definitive agreement to merge and form a new company called Exxon Mobil Corporation, the largest company on the planet. Morgan Stanley has stated the decision will be appealed and is confident the decision will be overturned. Virtually all Valdez compensatory damages were paid in full within one year of the accident, and the trial court commended Exxon for coming forward "with its people and its pocketbook and doing what had to be done under difficult circumstances." However, Exxon has yet to pay up for the largest ruling against it, making no payments on $4.5 billion in punitive damages and perpetually appealing each successive judgment for the past 16 years. This case was seen as a significant mishandling on the firm's part, particularly by the 'dissidents' (see Disputes section below), who claim it as further evidence of Purcell's poor management. Exxon also has paid $1 billion in settlements with the state and federal governments. To that $604 million was added punitive damages by the jury for a total of compensatory and punitive damages of $1.450 billion.

Coast Guard declared the cleanup complete. On May 16, 2005, A Florida jury found that Morgan Stanley did in fact fail to give adequate information to Ronald Perelman about Sunbeam thereby defrauding him and causing damages to him of $604 million. In addition, the company paid $2.2 billion on the cleanup of Prince William Sound, staying with the cleanup from 1989 to 1992, when the State of Alaska and the U.S. On January 12, 2005, The New York Stock Exchange imposed a $19 million fine on Morgan Stanley for alleged regulatory and supervisory lapses. At the time of the spill, Exxon paid $300 million immediately and voluntarily to more than 11,000 Alaskans and businesses affected by the Valdez spill. On July 12, 2004, Morgan Stanley settled a sex discrimination suit brought by the Equal Employment Opportunity Commission for $54 million. Congress passed the Oil Pollution Act of 1990. In criminal activity in the US similar to that alleged in the UK, Morgan Stanley was fined $125 million.

history, and in the aftermath of the Exxon Valdez incident U.S. Misleading financial analysis was disclosed amongst investment banks in the United Kingdom, but the FSA Financial Services Authority, decided not to intervene. The spill was the largest in U.S.
External links for this section:. On March 24, 1989, shortly after midnight, the oil tanker Exxon Valdez struck Bligh Reef in Prince William Sound, Alaska, spilling more than 11 million gallons (42,000 m³) of crude oil. However, CEO John Mack announced on August 17, 2005 that Discover would be kept a part of the company. In other parts of the world, Exxon and its affiliated companies continued to use its Esso trademark. It was announced in Q2 2005 that the Discover credit card unit would be spun off within the year, and remains likely even after the announcement of Purcell's retirement.

Jersey Standard changed its name to Exxon Corporation in 1972 and established Exxon as a trademark throughout the United States. Morgan Stanley comprises four main business units:. A decade later, the newly incorporated Mobil Corporation absorbed Mobil Oil as a wholly owned subsidiary. To foster brand recognition and marketing the Dean Witter name was unofficially dropped and the firm became "Morgan Stanley". and in 1966 simply Mobil Oil Corp. The merged company was briefly known as "Morgan Stanley Dean Witter Discover & Co." until 1998 when it was known as "Morgan Stanley Dean Witter & Co." until late 2001. In 1955 Socony-Vacuum became Socony Mobil Oil Co. Dean Witter Reynolds) the spun-off financial services business of Sears Roebuck.

The company was an industry leader in metallocene catalyst technology to make unique polymers with improved performance. (a.k.a. Exxon Chemical Company became a worldwide organization in 1965 and in 1999 was a major producer and marketer of olefins, aromatics, polyethylene and polypropylene along with specialty lines such as elastomers, plasticizers, solvents, process fluids, oxo alcohols and adhesive resins. On February 5, 1997, the company merged with Dean Witter, Discover & Co. The company produced synthetic lubricant base stocks as well as lubricant additives, propylene packaging films and catalysts. In 1996, Morgan Stanley acquired Van Kampen American Capital (website), a respected mutual fund company. As of 1999 its principal products included basic olefins and aromatics, ethylene glycol and polyethylene. becomes publicly listed.

Mobil Chemical Company was established in 1960. In 1986 Morgan Stanley Group, Inc. Standard-Vacuum Oil Co., or "Stanvac," operated in 50 countries, from East Africa to New Zealand, before it was dissolved in 1962. By 1971 the Mergers & Acquisitions business was established along with Sales & Trading. In 1933, Jersey Standard and Socony-Vacuum merged their interests in the region into a 50-50 joint venture. In 1964 Morgan Stanley creates the first computer model for financial analysis. Socony-Vacuum had Asian marketing outlets supplied remotely from California. Within its first year it achieved 24% of market share among public offerings.

In the Asia-Pacific region, Jersey Standard had oil production and refineries in Indonesia but no marketing network. This split of the commercial and investment banks came as a result of the Glass-Steagall Act. In 1931, Socony merged with Vacuum Oil Co., an industry pioneer dating back to 1866 and a growing Standard Oil spin-off in its own right. along with others from Drexel & Co. Socony purchased a 45 percent interest in Magnolia Petroleum Co., a major refiner, marketer and pipeline transporter. Morgan & Co. Jersey Standard acquired a 50 percent interest in Humble Oil & Refining Co., a Texas oil producer. P.

Over the next decade, both companies grew significantly. Morgan, and Harold Stanley of J. The growing automotive market inspired the product trademark Mobiloil, registered by Socony in 1920. Morgan Stanley was founded in New York on September 5, 1935, by Henry S. In the same year, the nation's kerosene output was eclipsed for the first time by gasoline. (See 2004 Annual Report (pdf)). Two of these companies were Jersey Standard, which eventually became Exxon, and Socony ("Standard Oil Company of New York"), which eventually became Mobil. The company considers its brand name and reputation as a longtime leading financial firm among its most valuable assets.

In 1911, after a United States Supreme Court ruling which upheld a federal court order to dissolve it, the Standard Oil Trust was split into 34 companies. Despite offering such a diverse array of services, Morgan Stanley is an industry leader in many areas, particularly equity and debt underwriting and investment banking. Rockefeller monopoly, Standard Oil. A partial list of these products and services includes:. Both Exxon and Mobil were descendants of the old John D. Morgan Stanley is a large global financial services firm, offering a wide variety of products and services. The rectangular Exxon logo with the blue strip at the bottom and red lettering with the two "X's" interlinked together was designed by noted industrial stylist Raymond Loewy. .

Other Standard Oil descendants, such as BP and Chevron, do however maintain a few stations with the Standard Oil brand in specific states in order to retain their trademarks and prevent others from using them. Morgan Stanley NYSE: MWD is an investment bank, retail broker, and credit card provider based in New York. Esso is the only widely used Standard Oil brand left in existence. "Group of Eight" Homepage. However, the unrestricted international use of the popular brand Esso prompted the company to continue using Esso outside of the USA. John Mack Elected Chairman and CEO of Morgan Stanley. cities. Morgan Stanley CEO surrenders.

stations under the latter title in the summer and fall of 1972 following the successful test marketing of the Exxon brand and logo in late 1971 and early 1972 at rebranded Enco/Esso stations in certain U.S. Morgan Stanley Will Fight to Have Sunbeam Verdict Overturned. At first, consideration was given to simply rebranding all stations as "Enco" but that was shelved when it was learned that the Japanese translation of "Enco" was "stalled car." In order to create a unified brand, the company changed its corporate name from Jersey Standard to Exxon, rebranding all its U.S. Morgan Stanley's Comeuppance (registration required). Humble officials realized by the late 1960s that the time had come to swallow its pride by developing a new brand name that could be used nationwide throughout the U.S. A Jury Assesses Morgan Stanley $604 Million (registration required). Despite the success of the "Put A Tiger In Your Tank" advertising campaign introduced by Humble in 1964 to promote its Enco/Esso Extra gasolines, the similar logotypes, use of the Humble name in all Esso/Enco ads and the uniformity in design and products of Humble stations nationwide, the company still had difficulties promoting itself as a nationwide gasoline marketer competing against truly national brands such as Texaco - then a 50-state marketer and the only company selling products under one brand name in each state. Morgan Stanley returns staff to lower Manhattan.

By 1967, stations in each of those states were rebranded as Enco. Quick facts. In 1966, the Justice Department ordered Humble to "cease and desist" from using the Esso brand at stations in several Southeastern states following protests from Standard Oil of Kentucky (a Standard Oil of California subsidary by that time). "Visionaries honored with Red Hat Summit Awards". Meanwhile, Humble gradually built up new and rebranded service stations in California and other western states under the Enco brand and purchased a large number of stations from Signal Oil Company in 1967, followed by the opening of a new refinery near Monterey in 1969. In June 2005, the company announced it would return 2,300 workers to lower Manhattan, marking the largest return of jobs since the attacks. However, the Justice Department put the kibosh to Humble's plan to purchase Tidewater's west coast operations, which were later sold to Phillips Petroleum in 1966. Morgan Stanley was the largest employer in the World Trade Center prior to the events of September 11, 2001.

In 1963, Humble was approached by Tidewater Oil Company - a major gasoline marketer along the eastern and western seaboards - to purchase the firm's refining and marketing operations on the west coast, a move that would have given Humble a large number of existing stations and a refinery in California - which was then the fastest growing gasoline market. As of June 2005, the firm's market capitalization was around $58.5 billion. By that time, Jersey had expanded the Enco brand to stations in the Midwest and Northwest that had been operated by various subsidaries such as Carter, Pate and Oklahoma among others. Morgan Stanley was a principal underwriter of the 2004 Google IPO. In 1961, Humble stations in Oklahoma, New Mexico and Arizona were rebranded as Enco and the Enco brand appeared on gasoline and lubricant products at Humble stations in Texas that same year with service stations there changed to Enco in 1962. Its IT department has also received accolades from the open source community for its continual work in commercial proliferation and improvement of OSS, including such projects as the A+ programming language and a computing architecture which led to the Stateless Linux project for Fedora Core. After the Enco brand was discontinued in Ohio, it was moved to other non-Esso states. Morgan Stanley is considered the industry leader in information technology, with an IT budget rivaling the operating budget of many medium and large software companies.

At that point, the stations in Ohio would be rebranded Humble until the name change to Exxon in 1972. Morgan Stanley had 53,718 total employees worldwide as of February 28, 2005. The Enco brand was introduced by Humble in 1960 at stations in Ohio but was soon blackballed after Standard Oil of Ohio (Sohio) protested that Enco (Humble's acronym for "ENergy COmpany) sounded and looked too much like Esso as it shared the same oval logo with blue border and red letters with the two middle letters the only difference. In 2004, Morgan Stanley held the #1 industry rank for the following categories: Global Equity and Equity-Related Underwriting Market Share, Global IPO Market Share, and Global Equity Trading Market Share. In 1960, Jersey Standard gained full control of Humble Oil and Refining Co., and through a reorganization of the company, restructured Humble into Jersey's domestic marketing and refining division to sell and market gasoline nationwide under the Esso, Enco and Humble brands. Morgan Stanley reported net revenues of $23.8 billion in 2004. The Humble brand was used at Texas stations for decades as those operations were under the direction of Jersey Standard affiliate, Humble Oil, and in the mid-to-late 1950s expanded to other Southwestern states including New Mexico, Arizona and Oklahoma. Morgan Stanley is an industry leader in underwriting Initial public offerings of stock worldwide.

In states where the Esso brand was blackballed, the company marketed its gasoline under the Humble or Enco brands. He announced his retirement on June 13, 2005 (see "Recent disputes (2005)"), and John Mack was ultimately named his successor. Hence, the company was restricted from using Esso in the USA except in those states awarded to it in the 1911 Standard Oil antitrust settlement. Purcell, who headed Dean Witter Discover, was Chairman and CEO since the merger until June 30, 2005. The name Esso, which sounds like S-O, attracted protests from other Standard Oil spinoffs because of its similarity to the name of the parent company, Standard Oil. Former Chairman and CEO: Philip J. Exxon formally replaced the Esso, Enco, and Humble brands on January 1, 1973 in the USA. Hispanic magazine selected Morgan Stanley as one of the "100 Companies Providing the Most Opportunities to Hispanics" in February 2004.

. Asian Enterprise magazine named Morgan Stanley as one of the "Top Companies for Asian Americans" in April 2004. The current CEO of ExxonMobil is Lee Raymond. Essence magazine named Morgan Stanley as one of the "30 Great Places to Work" in May 2004. Of the four largest oil companies in the world (Exxon-Mobil, Shell, BP, and Total), Exxon-Mobil is the largest of them all. Family Digest magazine named Morgan Stanley one of the "Best Companies for African Americans" in June 2004. The current Exxon-Mobil is the parent of Exxon, Mobil, and Esso companies around the world. Morgan Stanley was named one of the 100 Best Companies for Working Mothers in 2004 by Working Mothers magazine.

Rockefeller's Standard Oil trust. Credit Services. The merger of Exxon and Mobil is symbolic in American history because it once again consolidated the two largest companies (Standard Oil Company of New Jersey/Exxon and Standard Oil Company of New York/Mobil) of John D. Investment Management. Exxon Mobil Corporation or ExxonMobil NYSE: XOM, headquartered in Irving, Texas, is the largest oil producer and distributor in the world, and it was formed on November 30, 1999, by the merger of Exxon and Mobil. Individual Investor Group. Institutional Securities.

Alternative investments such as hedge funds, managed futures, and real estate. Traditional investments such as mutual funds and separately managed accounts. Individual investor services such as credit (see also: Discover Card), private wealth management, and financial and estate planning. Research services.

Institutional sales and trading, including both equity and fixed income investments. Investment banking services such as advising, securities underwriting.