Exxon Activist Expands Boardroom Presence With Third Seat (2)

Exxon Mobil Corp. activist investor Engine No. 1 expanded its presence on the oil giant’s board to three seats, according to preliminary vote tallies, cementing a victory that has reverberated across the energy industry.

The initial counts show the newest nominee from Engine No. 1’s slate elected to Exxon’s 12-member board is private-equity investor Alexander Karsner, Exxon said Wednesday in a statement. The results, which still need to be certified, confirmed an earlier report by Bloomberg News.

The outcome is a coup for Engine No. 1, a new and previously unproven player in the realm of activist investing, ...