As expected, Lawrence G. Rawl, 57, was elected president of Exxon Corp. at the oil company's annual meeting in Los Angeles. Rawl succeeds Howard C. Kauffmann, 62, who retired.
Rawl, a senior vice president and director since 1980, is an engineer and is regarded as an expert in exploration and production. He joined Exxon in 1952 and spent 10 years in production and planning before appointments to executive positions in domestic supply and marketing.
Kauffmann joined Exxon in 1946 and was named president after a career devoted largely to Exxon's overseas operations.
LOS ANGELES COUNTY
Semtech Corp., a Newbury Park semiconductor manufacturer, announced the resignation of its president, Sidney A. Wales, 52, after only about 15 months in the job.
The company would not say why he is leaving, and Wales could not be reached for comment.
Wales was only the second president in Semtech's 25-year history. He assumed the post in February, 1984, replacing co-founder Harvey Stump.
A company spokesman said Semtech has been hurt by the sharp downturn in the semiconductor and computer industries. For the year ended Feb. 2, Semtech lost $4 million on $10.9 million in revenue, compared to a loss of $668,000 on sales of $11.4 million a year earlier.
The spokesman said the president's job will be filled by three executives on an interim basis until after the June 18 annual meeting. The executives are J. Spencer Letts, 50, chairman; Gustav Franzen, 64, executive vice president, and Allen Gateka, 54, vice president.
Charles Schwab & Co., a major discount brokerage and unit of BankAmerica Corp., consolidated its branch operations and marketing activities under Executive Vice President David S. Pottruck. He will manage Schwab's 93 branches in addition to his current marketing and advertising responsibilities.
Pottruck, 36, will be assuming the duties of Executive Vice President Richard W. Arnold, who is leaving to pursue other business interests, Schwab spokesman Hugo Quackenbush said.