press release

Chevron Press Release - David J. Law-Smith To Succeed Patrick J. Ward As Chairman

San Francisco, March 27, 1995 -- Caltex Petroleum Corporation, a 50-50 joint venture of Chevron Corp. and Texaco Inc., named David J. Law-Smith to succeed Patrick J. Ward as Chairman and Chief Executive Officer when Ward retires Sept. 1 after 47 years of service with Caltex.

Law-Smith is currently a Senior Vice President and the Chief Financial Officer of Caltex as well as a Director. He will assume an interim post as Vice Chairman on April 1 and continue as the Chief Financial Officer for the time being.

He joined the company in 1961 and served overseas in a variety of progressively responsible financial and operational positions including assignments in East Africa, Australia and Korea. Law-Smith also served as Treasurer, Comptroller and Vice President Finance before being named Chief Financial Officer and a Board Director in 1994.

He also serves on the boards of Caltex's major affiliated joint venture companies; Nippon Petroleum Refinery Co. Ltd., Honam Oil Refinery Co. Ltd. and the Bahrain Petroleum Company as well as Caltex Oil Australia.

Ward, who joined the company in 1948, has been Chairman and Chief Executive Officer since 1990. He served with Caltex overseas in Pakistan and Singapore and, before becoming Chairman, held a number of senior positions that included Vice President of International Logistics and Trading, Senior Vice President, and Executive Vice President and Chief Operating Officer.

In announcing the appointment, Ward said "David Law-Smith's combination of leadership skills, financial expertise, administrative experience and broad knowledge of the international downstream petroleum industry will serve Caltex well in the dynamic environment in which we are operating."

Law-Smith, 55, was born in Kenya, and he was educated in Kenya, the U.K. and the U.S. He is a member of several professional and accounting associations including the Chartered Association of Certified Accountants (U.K) and the Chartered Institute of Secretaries and Administrators (U.K.). Law-Smith is also a member of the Board of Governors of Dedman College at Southern Methodist University, the Dallas Committee on Foreign Relations, the Society of International Business Fellows and the World Economic Forum. He and his wife, Delena, reside in Dallas, Texas. Two sons, educated in the U.S., now reside in Japan and China.

Caltex Petroleum Corporation was formed in 1936 and is engaged in the refining, marketing and distribution of petroleum products in over 60 countries in Asia, Africa and the Middle East. Its corporate office is located in Irving, Texas.

Updated: March 1995