Upstart hedge fund Engine No. 1 has captured three board seats at ExxonMobil, in an upset of historic proportions.

Shareholders elected nine company nominees but Engine No. 1 has captured three, the Irving, TX-based supermajor announced last week.

The annual meeting held late last month had already jolted the investor complex, with Engine No. 1, which holds only 0.02% of stock, nabbing two seats outright in the preliminary tally. Based on the updated voting, Engine No. 1 secured a third seat on the 12-member board. 

“We are grateful for shareholders’ careful consideration of our nominees and are excited that these three individuals will be working with the full board to help better position ExxonMobil for the long-term benefit of all shareholders,” Engine No. 1...