ChevronTexaco Downstream restructuring and new management team
Posted: 14 July 2003
ChevronTexaco Corp announced plans to restructure its global refining
and marketing organization in order to lower costs, improve efficiency
and achieve sustained improvements in its financial performance.
The company will shift from a geographical to a functional structure
with four operating divisions. The new organization will be fully
operational by early 2004.
The company today also introduced its new Global Downstream management
team under the leadership of Patricia A. Woertz, executive vice
president, Global Downstream:
- Global Refining — President, Jeet S. Bindra
- Global Supply and Trading — President, Michael K. Wirth
- Global Marketing — President, S. Shariq Yosufzai
- Global Lubricants — President, Mark A. Nelson
Commenting on the new structure, David J. O'Reilly, ChevronTexaco
chairman and chief executive officer, said, "While we are seeing
improved performance across our company, we must continue to strengthen
our businesses to accomplish our objective of being the leader in
total stockholder return. This new downstream organization will
enable us to achieve the additional improvements needed to build
a truly competitive refining and marketing business."
Woertz added, "We have established as our goal the transformation
of our global downstream into one that is competitive everywhere
we do business. We are confident that a functional alignment will
bring us greater efficiencies in this extremely competitive sector.
The management team assembled for this new organization is prepared
to take a solid downstream business — featuring our strong
brands — and transform it into a great one."
In connection with these moves, the company also announced that
Jim R. Hawn, president of Europe/West Africa Products; J. Carey
McHugh, president of Latin America Products; Jock D. McKenzie, president
of Asia/Middle East/Africa Products; and C. Michael Bandy, president
of Global Trading, Fuel and Marine Marketing, will retire from ChevronTexaco
by early 2004.
In addition, David C. Reeves, currently ChevronTexaco's president
of North America Products, has been named managing director and
chief executive officer of Caltex Australia Limited, replacing Jeet
S. Bindra, effective Aug. 11, 2003. Matthew J. Foehr, currently
vice president of Finance for North America Products, has been named
vice president of Finance for the new Global Downstream organization.
These leaders will work together with the new functional leadership
team to ensure a transition that minimizes potential disruptions
or distractions for employees, customers, vendors and suppliers.
About ChevronTexaco
Based in San Ramon, Calif., ChevronTexaco is the second-largest
US-based energy company and the fifth largest in the world, based
on market capitalization.
More than 53,000 ChevronTexaco employees work in approximately
180 countries around the world, producing oil and natural gas, and
marketing fuels and other energy products.
Posted by Richard Price,
Editor Pipeline Magazine
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