ExxonMobil Investment Chief Steps Down
After leading the $34 billion pension fund for 15 years, Colin Kerwin has retired, making way for Phil Newman to take his place.
ExxonMobil’s pension fund has a new leader for the first time in more than 15 years.
Colin Kerwin, who had worked as ExxonMobil’s global retirement fund manager since 2003, has stepped down, his LinkedIn profile shows. Kerwin spent a total of 34 years at the energy giant.
Phil Newman, a corporate finance executive in ExxonMobil’s treasurer’s office, is said to be taking over his role.
An ExxonMobil spokesperson, Kerwin, and Newman each did not respond to separate requests for comment.
Kerwin received a bachelor’s degree in chemical engineering from MIT in 1982, before graduating from business school at Dartmouth in 1984. He began his career at ExxonMobil soon after receiving his MBA, his LinkedIn shows.
ExxonMobil sponsors almost 100 defined benefit plans in over 40 countries according to according to a February 10-K filing by the corporation.
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Kerwin oversaw $34 billion in pension assets at the end of last year, the filing showed, including $12.78 billion within the United States and $21.46 billion for overseas plans. ExxonMobil expected to contribute $490 million domestically and $720 million to its international funds this year.