press release

Texaco Press Release - Texaco Chairman and CEO Tells National Urban League that Diversity Commitment

"Accountability and Leadership" Said To Be Keys To Success

FOR RELEASE: TUESDAY, AUGUST 4, 1998.

PHILADELPHIA, Penn., Aug. 4 - Texaco Chairman and CEO Peter I. Bijur addressed attendees today at the National Urban League Conference on Texaco's commitment to diversity. Bijur was invited to participate in a panel discussion on the topic of "What is the Corporate Commitment to Real Diversity?".

"A real commitment must be more than a diversity checklist," explained Bijur. "It must be integrated into a company's business plan. It must guide our strategies for hiring, developing, promoting and retaining a diverse workforce. And it must extend beyond our corporate boundaries - not only to our customers and suppliers, but also to the communities in which we work and live."

Bijur explained that accountability and leadership are critical to ensuring a level playing field for all Texaco employees. "A portion of our executives' annual incentive compensation is based on objective measurements of performance related to diversity and respect for the individual. Developing a diverse, world-class workforce is one of Texaco's five key strategies - and our future success depends on how well each of our employees executes these strategies."

Bijur detailed for the crowd of civil rights leaders and corporate participants some of the progress achieved by Texaco in the hiring and promotion of minorities and women since the announcement of a comprehensive diversity plan in December 1996.

  • In 1997, minorities and women comprised 69 percent of all new hires at Texaco.
  • In the first six months of 1998, minorities and women accounted for 60 percent of all new hires and 48 percent of all promotions at the company.
  • Over the past 18 months, the number of minorities and women in the executive ranks increased 20 percent.

In addition, Bijur announced that Texaco has spent over $400 million with minority- and women-owned business enterprises over the past 18 months, which represents over seven percent of the company's total discretionary expenditures.

Updated: August 1998