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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15 (d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
February 4, 2001
TEXACO INC.
(Exact name of registrant as specified in its charter)
Delaware 1-27 74-1383447
(State or other jurisdiction of (Commission File (I.R.S. Employer
incorporation) Number) Identification Number)
2000 Westchester Avenue, 10650
White Plains, New York (Zip Code)
(Address of principal executive offices)
(914) 253-4000
(Registrant's telephone number, including area code)
Item 5. Other Events
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On February 4, 2001, the Registrant issued a Press Release entitled "Texaco's
Peter I. Bijur Retires- Board Appoints Glenn F. Tilton as Chairman and Chief
Executive Officer," a copy of which is attached hereto as Exhibit 99.1 and made
a part hereof.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
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(c) Exhibits
99.1 Press Release issued by Texaco Inc. dated February 4, 2001,
entitled "Texaco's Peter I. Bijur Retires- Board Appoints
Glenn F. Tilton as Chairman and Chief Executive Officer."
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
TEXACO INC.
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(Registrant)
By: /s/ MICHAEL H. RUDY
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(Secretary)
Date: February 7, 2001
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EXHIBIT 99.1
TEXACO'S PETER I. BIJUR RETIRES
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Board Appoints Glenn F. Tilton as Chairman and Chief Executive Officer
FOR IMMEDIATE RELEASE: SUNDAY, FEBRUARY 4, 2001.
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WHITE PLAINS, N.Y., Feb. 4 - Texaco Inc. (NYSE: TX) announced today
that Peter I. Bijur has resigned from the posts of Chairman and Chief Executive
Officer, effective immediately. Mr. Bijur, 58, has elected early retirement, to
pursue other interests.
Texaco's Board of Directors accepted Mr. Bijur's resignation at a
meeting today. At the same meeting the Board elected Glenn F. Tilton to serve as
Chairman of the Board and Chief Executive Officer, to succeed Mr. Bijur. Mr.
Tilton, 52, is currently Senior Vice President and President of Global
Businesses.
Speaking on behalf of the Board, Thomas A. Vanderslice said, "Peter
Bijur has a lifetime of accomplishment at and for this Company. We wish him well
in his future endeavors."
"I am proud of what we have done to make Texaco a stronger energy
company, and I am enthusiastic about Texaco's future in partnership with
Chevron," said Mr. Bijur. "The merger integration and transition planning is
proceeding extremely well, and Texaco and Chevron will have a highly talented
team to lead the combined company going forward. I have had a long and rewarding
career with a great company and now, as Texaco embarks on an exciting future, it
is the right time for me to begin another chapter in my professional career."
Commenting on the Board's decision to elect Tilton Chairman and CEO,
Mr. Vanderslice said, "With considerable experience in all aspects of the
business and exceptional leadership qualities, Glenn Tilton has the full
confidence of the Board to lead this company and complete our planned merger
with Chevron."
"I thank the Board for this vote of confidence," said Tilton. "Texaco
is coming off of a year of record earnings. Our financial and operational
position is strong, we have a great team in place and I look forward to working
with the employees of Texaco to continue to improve our performance and complete
the merger with Chevron."
Texaco's merger with Chevron, which was announced October 16, 2000, is
conditioned, among other things, on shareholder approval for both companies,
pooling accounting treatment for the merger and regulatory approvals of
government agencies including the U.S. Federal Trade Commission.
Texaco also said today that Chevron and Texaco would soon be
announcing the composition of the proposed Leadership team for ChevronTexaco.
The appointments would be effective upon closure of the merger.
Texaco Inc. is a fully integrated energy company engaged in exploring
for and producing oil and natural gas; manufacturing and marketing high-quality
fuels and lubricant products; operating trading, transportation and distribution
facilities; and producing power. Directly and through affiliates, Texaco
operates in more than 150 countries.
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CONTACT: Chris Gidez 914-253-4042
For additional information on Texaco visit www.texaco.com
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