press release

Texaco Named to List of "America's Top Corporations for Women's Business Enterprises"

FOR IMMEDIATE RELEASE: THURSDAY, OCTOBER 14, 1999.

WHITE PLAINS, N.Y., Oct. 14 - Texaco has been named one of America's top corporations for Women's Business Enterprises (WBEs) for its outstanding supplier diversity program for women-owned businesses. The announcement of the 15-company list was made today during a press conference in Washington, D.C. by the Women's Business Enterprise National Coalition (WBENC), the nation's leading third-party certifier of businesses owned and operated by women.

"Texaco has a long history of outreach to and support of women-owned businesses. Our initiatives focus on increasing access to opportunity for these firms, which in turn enriches Texaco's supplier base," explained Patricia J. Richards, Manager of Texaco's Minority and Women Business Development office. "We are honored to be selected to this elite group of leading companies."

Susan Phillips Bari, President of WBENC, said, "Texaco, along with the other members of this list, has demonstrated its commitment to women business owners by creating supplier diversity programs that are best in class. Fostering an environment where such supplier diversity is a reality requires focused support from the company's chief executive - an attribute clearly demonstrated at Texaco."

WBENC's selection process relied on the results of a survey distributed to major U.S.-based businesses in July, as well as research on corporate best practices for supplier diversity programs gathered over the past two years. This research identified five key activities for successful supplier diversity programs. They included corporate strategic planning and top management involvement; identification and development of WBEs; internal buyer education program structure; resources and measurement; and internal and external communications.

WBENC, with national headquarters in Washington, D.C., is dedicated to enhancing opportunities for women-owned business enterprises in America's major business markets. In partnership with women's business organizations throughout the U.S., WBENC provides access to a national standard of certification and provides information on certified businesses to purchasing managers through an Internet database, WBENCLink.

Updated: October 1999