press release

Chevron Press Release - Chevron to Fill Four Senior Executive Posts

SAN FRANCISCO, May 31 -- Chevron Corp. today announced that Chief Financial Officer Marty Klitten and Chevron Chemical Co. President Darry Callahan have been appointed to new positions as executive vice presidents.

John Watson, vice president of strategic planning, will replace Klitten as CFO; and Patricia Yarrington, president of Chevron Canada Ltd., a refining and marketing company based in Vancouver, B.C., will succeed Watson.

These senior executive promotions, all effective Aug. 1, followed the announcement earlier today that one of Chevron' s top three officers, Vice Chairman Jim Sullivan, 62, will retire Aug. 31, completing a prestigious 39-year career.

"In their new assignments, these key executives will apply their demonstrated skills to our downstream operations and joint venture relationships," said Chairman and CEO Dave O' Reilly. "Along with Vice Chairman Dick Matzke, who will continue to lead our worldwide exploration and production businesses and serve on the Chevron and Dynegy boards, these four -- Marty Klitten, Darry Callahan, John Watson and Pat Yarrington -- will take on critical corporate leadership roles. I look forward to working more closely with each of them."

Under the new executive vice president roles, Klitten, 55, will become responsible for Chevron's refining and marketing operations in North America, its shipping and pipeline companies, and other groups that provide procurement, office support, real estate, aviation and security services.

Callahan, 57, will be responsible for human resources; technology, chemical additives and coal companies; the new Chevron Phillips chemicals joint venture; the Dynegy power and natural gas business; and Chevron's joint venture with Sasol to create super clean liquid fuels from natural gas.

Replacing Klitten as vice president, finance, and CFO is Watson, 43. He will become responsible for the finance function worldwide, including comptroller, audit, treasury, tax and investor relations activities. He will retain his current responsibilities to assess mergers and acquisitions opportunities, and his position as a director of Caltex.

Yarrington, 44, will become vice president, strategic planning, and will lead the staff that forecasts future business conditions, assists senior management in setting long-range objectives and coordinates business planning among Chevron's operating companies and affiliates.

Klitten earned a bachelor's degree in finance at the University of California at Berkeley and an M.B.A. at the University of Southern California. Following a tour of duty in Vietnam as an intelligence officer, Klitten joined Chevron in 1970 as a financial analyst. He moved through comptroller, international operations, treasury and shipping jobs to become comptroller of Chevron U.S.A. in 1985. He was appointed president of Chevron Information Technology Co. in 1987 and to his current position as CFO in 1989.

Callahan received a bachelor's degree in chemical engineering from Oregon State University and did postgraduate work at the University of California before joining Chevron in 1964 as a research scientist in Richmond, Calif. After several years in international advisory positions, he became president of Chevron Oil Bahamas in 1980, then progressed through marketing management jobs to become president of Warren Petroleum in 1987. Today, Warren' s gas and gas liquids assets are part of Dynegy Inc., and Callahan remains on its board. In 1991, he became senior vice president of Chevron Chemical Co. and its president in 1999.

Watson earned a finance degree from the University of California at Davis and an M.B.A. from the University of Chicago. Joining Chevron in 1980, he progressed through financial analysis positions to become manager of investor relations in 1990. Three years later, Watson was named manager of credit card operations for Chevron Products Co., and in 1995 became the company' s strategic planning manager. Watson was named president of Chevron Canada Ltd. in 1996 and assumed his current position in 1998.

Yarrington holds a bachelor' s degree in political science from Pomona College, and degrees in finance and marketing from the Northwestern Graduate School of Management. Joining Chevron in 1980 through a comptrollers development program, she moved through positions in financial analysis and investor relations to a series of supervisory positions in Chevron' s upstream, downstream and research companies. In 1995, she was named manager of credit card enterprises; in 1997 comptroller of Chevron Products Co., and in 1998 president of Chevron Canada Ltd.

Updated: May 2000