Exxon boss Raymond is to retire

Lee Raymond has led Exxon since 1993

Oil giant Exxon Mobil has announced that chief executive Lee Raymond is to retire at the end of this year.

Mr Raymond, 66, will step down after 42 years with Texas-based Exxon, which he has led since 1993.

Famed for both his tough-talking and attention to detail, he turned the firm into the world's most valuable company by stock market share.

In 1999 Mr Raymond successfully led Exxon's $82bn (£46bn) takeover of its then US rival Mobil.

During 2004 Exxon Mobil made a profit of $25.3bn.

The company is expected to announce that Rex Tillerson, currently its president, will replace Mr Raymond in the top role.

Industry leader

Analysts have widely praised Mr Raymond's legacy.

"He [Mr Raymond] did a tremendous job at Exxon Mobil, making the Mobil acquisition when oil was $10 a barrel as opposed to all these other executives now making all their acquisitions when oil is at $55," said Craig Hodges, fund manager at Hodges Capital Management, which owns Exxon Mobil shares.

"Lee Raymond really set the standard for other chief executives in the industry," added Oppenheimer & Co analyst Fadel Gheit.

"Everybody else copied Lee Raymond, but you can't duplicate what he's done."

Mr Raymond was however disliked by some environmentalists, who said he did not take global warming seriously enough.