US ExxonMobil to Cut 5-10% of Office Staff Over Up to 5 Years

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Kwon Jae-hee] ExxonMobil, the largest oil company in the United States, is reportedly planning to reduce its office staff in the U.S. by 5-10% annually over the next 3 to 5 years.

On the 21st (local time), according to major foreign media citing sources familiar with the matter, ExxonMobil plans to target low performers based on performance evaluations. This restructuring plan by ExxonMobil is said to have emerged as a measure to appease shareholder dissatisfaction over excessive spending.

Earlier, at last month's regular shareholders' meeting, ExxonMobil was criticized by shareholders regarding environmental issues and financial conditions. Additionally, the small climate-focused activist hedge fund 'Engine Number One' took three board seats from ExxonMobil.

However, ExxonMobil denied the claims, stating, "Performance evaluations are intended to improve work capabilities and are not related to any layoff plans."

Previously, ExxonMobil announced last year that it plans to cut 14,000 employees worldwide by the end of this year.

As of the end of last year, ExxonMobil's total number of employees was reported to be 72,000.