press release

Chevron Press Release - Chevron Executive Vice President Martin R. Klitten to Retire

Klitten photo

SAN FRANCISCO, Feb. 8, 2001 -- Chevron Corp. today announced that Executive Vice President Martin R. Klitten has elected to retire after a highly distinguished 31-year career. He will remain with the company until the Chevron and Texaco merger has been completed.

As executive vice president, Klitten is responsible for Chevron's worldwide refining and marketing operations, shipping and pipeline companies and global procurement activities, as well as real estate, aviation, security services and office support staff.

"Chevron's first-rate financial organization today is a result of Marty's respected and motivating leadership ability," said Dave O'Reilly, Chevron chairman and chief executive officer. "Throughout his career, Marty has initiated and implemented cost-saving, efficient innovations such as our Financial Center, which has saved the company $60 million. Although he may be retiring and we will miss him, his stamp on this company will be evident and appreciated."

Klitten joined Chevron in 1970 as a financial analyst in the Comptroller's Development Program. He served in a variety of positions of increasing responsibility in the financial area, and in 1985 he was elected comptroller of Chevron's principal domestic refining, transportation and marketing operating company--Chevron U.S.A. Inc.

Two years later, Klitten was named president of Chevron Information Technology Co. In that position he headed an organization of 2,000 employees and supervised the worldwide information technology function for the Chevron companies.

Klitten was elected vice president, finance and chief financial officer (CFO) of Chevron Corp. in 1989. As CFO, he was responsible for the corporation's comptroller, audit, treasury, tax and investor relations activities, and for the finance function through the corporation.

He was elected to his current position Aug. 1, 2000, after serving as CFO for 11 years. As Chevron's executive vice president, Klitten serves on the board of directors of Chevron Phillips Chemical Co., a 50-50 joint venture with Phillips Petroleum.

Klitten, 56, was born in Los Angeles and earned a bachelor's degree in finance from the University of California, Berkeley, in 1966. Two years later, he was awarded a master's degree in business administration from the University of Southern California. He received several medals of distinction during his two years in the U.S. Army, which included a tour of duty in Vietnam as a first lieutenant with U.S. Army Intelligence.

He is a member of the World Affairs Council, the board of directors of the American Petroleum Institute, the Bay Area CFO Forum, and the Commonwealth Club. Klitten is a member of the board of directors of the United Way of the Bay Area. He served as chairman of the most recent campaign, which had a goal of $60 million.

A successor to Klitten will be named at a later date.

Updated: February 2001