press release

Texaco Press Release - Statement of Peter I. Bijur, Chairman and CEO, Texaco Inc.

STATEMENT OF PETER I. BIJUR
CHAIRMAN AND CEO, TEXACO INC.
TO COMPANY EMPLOYEES

FOR IMMEDIATE RELEASE: FRIDAY, NOVEMBER 15, 1996.

WHITE PLAINS, N.Y., Nov. 15 - The following statement was issued today by Texaco Inc. Chairman and Chief Executive Officer Peter I. Bijur to company employees.

"Over the course of the past week, we have been negotiating tirelessly to reach an agreement in the Roberts vs. Texaco class action lawsuit. We have been dedicated to resolving it fairly and swiftly.

"Today, I am pleased to be able to say that we have reached an Agreement in Principle to settle this suit.

"There were compelling reasons for us to reach this agreement. It moves this matter from the realm of adversarial confrontation in the courts into the arena of active cooperation and joint action.

"Most importantly, with this litigation behind us, we can now move forward on our broader, urgent mission to make Texaco a model of workplace opportunity for all men and women. It affords us with a renewed opportunity to join in common purpose and unified action to achieve shared goals of greater inclusion and sensitivity at Texaco -- and in America.

"And let no one mistake our intention: Texaco is committed to developing and instituting specific, effective policies that will ensure discrimination is wiped out wherever it may be; policies that will expand the positive economic impact we can have in the minority community.

"These policies will be clearly defined and achievable -- with measurable goals set out on a specific timetable.

"Even more steps will follow. We are developing specific initiatives in the area of hiring and promotion.

"We will increase the amount of business we do with minority companies. This will include advertising, legal, banking, investment management and accounting firms.

"We will actively work to increase the number of Texaco branded stations owned by minorities and women.

"And we will act in all of these areas swiftly, with a true sense of urgency in our mission.

"I have committed myself -- and the entire management team of this company -- to the elimination of any trace of discrimination in Texaco. We have dedicated ourselves to an uncompromising program of actions and results. And we will work cooperatively with African American and religious leaders to achieve a common overriding objective: zero tolerance of bigotry and scrupulously fair treatment for every individual. For another day in which one individual is denied opportunity is a day which ultimately denies opportunity to us all.

"The fact is that Texaco has been presented with a unique opportunity. What we have experienced as the weight of public criticism may in fact be the mantle of leadership being placed upon our shoulders.

"We have become a symbol... a symbol of the broader issue of workplace fairness and equal opportunity in America today. The moment is now and the responsibility is ours to demonstrate to the nation that discrimination can be eradicated. That true inclusion can exist. And that equal opportunity can be provided for every man and woman. "This is the opportunity before us. And I believe that the 27,000 employees of Texaco are the right people to seize it. As I have said, Texaco employees are wonderfully good and decent people who abhor discrimination in any form. Working together and working hard, we can demonstrate to all the American people the amount of good that can emerge from these days.

"We will work ceaselessly and tirelessly, day after day, to build a company of undisputed opportunity for all individuals."

Updated: November 1996