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Chevron Takes Top Spots in Texaco Merger

February 13, 2001|From Reuters

NEW YORK — Chevron Corp. on Monday stamped its authority on the energy giant it will form by merging with fellow oil company Texaco Inc., scooping up almost all the top positions announced for the new firm.

Chevron Chairman Dave O'Reilly will be chairman and chief executive of ChevronTexaco Corp., to be created by the merger of the No. 2 and 3 U.S. oil companies. The deal is awaiting regulatory approval.

O'Reilly's vice chairmen will be Richard Matzke, currently Chevron's vice chairman, and Glenn Tilton, who took over as Texaco chairman after Peter Bijur resigned last week. The three men together will constitute the new entity's office of the chairman, which will oversee all company operations.

Chevron personnel also dominate the remaining appointments for what will become the world's fourth-largest oil company.

John Watson, Chevron's chief financial officer, will fill the same post at ChevronTexaco.

Chevron"s shares rose 64 cents on Monday to close at $86.53, and Texaco gained 56 cents to $64.45, both on the New York Stock Exchange.

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