press release

Former Salomon Inc Chairman Robert E. Denham Elected to ChevronTexaco Board of Directors

SAN RAMON, Calif., Apr. 28, 2004 -- Robert E. Denham, a partner in the law firm of Munger, Tolles & Olson LLP and former chairman and chief executive officer of Salomon Inc, has been elected to the ChevronTexaco board of directors.

Denham, 58, joined Salomon late in August 1991 as general counsel. While general counsel, he helped the firm respond to the investigation of Salomon Brothers that followed the firm's involvement in the 1991 Treasury auction inquiry, and he was responsible for resolving the legal and regulatory issues that arose from those events.

In 1992, he became chairman and CEO of Salomon Inc and was responsible for management of a financial services holding company whose principal businesses were investment banking and securities trading (Salomon Brothers), commodities trading (Phibro) and oil refining (Basis Petroleum). He managed the rebuilding of Salomon's business following settlement of the Treasury auction claims again Salomon Brothers, developed risk management procedures, managed development of the firm's bank and bridge lending business, and chaired its commitments committee. In September 1997, Denham negotiated the sale of Salomon Inc to Travelers for $9.6 billion in stock.

Prior to joining Salomon, Denham had been with Munger, Tolles & Olson for 20 years, five of which he served as managing partner. He returned to Munger, Tolles & Olson following the sale of Salomon to Travelers.

Born in Dallas, he graduated magna cum laude in 1966 from the University of Texas and was awarded a master's degree in government from Harvard University in 1968. In 1971, Denham graduated magna cum laude from Harvard Law School.

Denham is active in a variety of business and civic organizations including the California, American and Los Angeles County bar associations. He is a member of the board of directors of Lucent Technologies Inc., U.S. Trust Co., Wesco Financial Corp., and Fomento Economico Mexicano, S.A. de CV (FEMSA). He also serves on the board of directors of The John D. and Catherine T. MacArthur Foundation and is a trustee of the Russell Sage Foundation, New School University, and Good Samaritan Hospital in Los Angeles. Denham also serves as chairman and president of the Financial Accounting Foundation.

Updated: April 2004