press release

Chevron Press Release - Chevron To Move Most Employees To East Bay, Retain Headquarters In San Francisco

Pictured are the 555 and 575 Market St. buildings

Pictured are the 555 and 575 Market St. buildings (left and center).

SAN FRANCISCO, May 26, 1999 -- Chevron today announced it will consolidate many of its San Francisco-based employees into company offices in the East Bay as part of on-going cost reduction efforts.

The company's two buildings at 575 and 555 Market Street will be sold. Corporate headquarters will remain at 575 Market Street in leased space. Approximately two-thirds of the roughly 1,400 employees in San Francisco will be transferred to offices in the East Bay, where about 6,600 employees currently work.

Employees were notified of the decision today.

The decision was made as part of cost reduction efforts which will save more than $500 million this year, said Dave O'Reilly, Chevron vice chairman.

"We must continue to reduce non-essential costs and capital to fund our attractive growth prospects," noted O'Reilly. "Consolidating many of our San Francisco employees into our offices in the East Bay makes good economic sense."

Two-thirds of Chevron's San Francisco employees already live in the East Bay and will benefit from shorter commutes. Detailed plans and a timetable are still being developed. It is expected that the moves will be completed by the end of next year.

Updated: May 1999