ChevronTexaco Restructures Management Team

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ChevronTexaco Restructures Management Team

SAN RAMON, Calif. -- ChevronTexaco Corp., operator of more than 2,800 convenience stores and gas stations, yesterday 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 San Francisco-based oil 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 Woertz, executive vice president of global downstream. They are:
* Jeet Bindra, president of global refining
* Michael Wirth, president of global supply and trading
* S. Shariq Yosufzai, president of global marketing
* Mark Nelson, president of global lubricants.

"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," Woertz said. "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 addition, David Reeves, currently ChevronTexaco's president of North America Products, has been named managing director and chief executive officer of Caltex Australia Ltd., replacing Jeet S. Bindra, effective Aug. 11. Matthew Foehr, currently vice president of finance for North America Products, has been named vice president of finance for the new global downstream organization.