Exxon Mobil Corp. XOM 3.73% added two new directors to its board Monday, as the beleaguered energy company tries to fend off calls for change from a pair of activist investors. The Texas oil company said activist investor Jeffrey Ubben would join its board, along with Michael Angelakis, the chief executive officer of Atairos Group and former chief financial officer of Comcast Corp. Exxon CEO Darren Woods said the new directors were part of a continuing effort to refresh the company’s board and reflected ongoing talks it is having with investors.

“If you look at the changes we’ve been making, they are in response to the changing role of the industry as we head to a lower-carbon economy,” Mr. Woods said in an interview.

Exxon’s stock price was up nearly 5% in afternoon trading Monday.

Still, the board changes are unlikely to satisfy one of the activist investors targeting Exxon. Engine No. 1 LLC, an activist fund founded by technology investor Chris James late last year, said Monday that it is moving forward with a planned proxy fight for four board seats.

Exxon posted a loss of $22 billion last year, its first annual loss in modern history, and some of the company’s largest investors have pressured it to disclose more about its carbon footprint and articulate a clearer energy transition strategy, as some countries attempt to wean themselves off fossil fuels.

Jeffrey Ubben, shown in 2017, is the co-founder of Inclusive Capital Partners.

PHOTO: ANDREW KELLY/REUTERS

Atairos CEO Michael Angelakis, shown in 2015.

PHOTO: SCOTT OLSON/GETTY IMAGES

“While ExxonMobil has now conceded the need for board change, what is missing are directors with diverse track records of success in the energy industry who can position the Company for success in a changing world,” Engine No. 1 said in a statement.

Exxon has been in talks with the other activist, D.E. Shaw Group, and that fund had previously indicated it might sign off on Exxon’s new board members. It said Monday it supported the new board members and Exxon’s focus on cost and capital spending discipline.

“We believe these individuals will bring significant capital markets and capital allocation experience to the boardroom and will provide meaningful value to the company as it focuses on its investment priorities while navigating the transition to a low-carbon future,” D.E. Shaw Managing Director Edwin Jager said in a statement.