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Exxon Mobil Corp., the largest oil company in the world, said yesterday Chairman and Chief Executive Lee Raymond would delay retirement beyond the scheduled date of August 2003 while potential successors are groomed.
The company also named two new senior vice presidents and said it would consider other potential successors to Raymond in the next two years. The moves were announced after a regularly scheduled meeting of the company's directors, ExxonMobil said.
Raymond joined Exxon in 1963 and ascended to the board in 1984. He became chairman and chief executive in 1993 and guided Exxon through the 1999 merger with Mobil that created the world's largest investor-owned oil company. Exxon Mobil has gone through a major restructuring to bring the two old rivals together.
"The high level of change in the last three years has resulted in a delay of some executive moves required to develop the next generation of corporate management," spokesman Tom Cirigliano told the Associated Press. He said no specific date was set for Raymond's retirement.
The new senior vice presidents are Ed Galante, executive vice president of the company's chemical division, and Rex Tillerson, executive vice president of its development arm. Both promotions are effective Aug. 1.