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    It's Official: Tesoro Announces New Chief Executive

    Former Conoco Senior Vice President Greg Goff will take over the helm from Bruce Smith May 1.

    SAN ANTONIO -- Tesoro Corp.'s board of directors elected Greg Goff to be the company's new president and chief executive officer effective May 1, replacing Bruce Smith in these roles. Goff, 53, formerly served as senior vice president, commercial, for ConocoPhillips.

    Smith will continue as chairman of the board until the company's annual meeting on June 4, at which time he plans to retire after 18 years of service with Tesoro. At that time, Steven Grapstein, currently lead director, will assume the role of non-executive chairman, the oil company announced yesterday in a news release.

    "The board welcomes Greg to Tesoro in his new role," Grapstein stated. "In today's challenging refining market, the board was determined to find an experienced executive with a broad refining industry background from a leading industry major, and a person with a distinguished domestic and international career. We looked for a solutions-oriented executive who could provide the steady leadership needed to move Tesoro into the future. We know we have found that person in Greg Goff."

    In his most recent position with ConocoPhillips, Goff was responsible for optimizing the value of the company's assets through supply and trading of its commodity portfolio. He joined ConocoPhillips in 1981 and held various positions in transportation, supply and trading.

    In 1998, Goff transferred to Sweden as managing director and CEO of Conoco JET Nordic. In 2000, he moved to the United Kingdom as chairman and managing director of Conoco Limited, the company's UK refining and marketing affiliate. In 2002, Goff became president of Europe and Asia Pacific downstream activities. In 2004, he was named president of the company's U.S. Lower 48 and Latin America exploration and production business. He became president, specialty businesses and business development in 2006.

    "I am excited about this opportunity to lead Tesoro going forward," Goff said in a statement. "Along with the rest of the management team, I know we will be up to the challenge of leading the company through the difficult refining industry environment that we face and continuing the success that Tesoro has had in the past."

    Grapstein credited Smith for the dramatic transition of Tesoro during his tenure. "His foresight and leadership took a small collection of disparate companies and turned it into the premier fuel supplier that it is today," he said. "Along the way, he delivered superior returns to our shareholders and set the foundation for the company's continued success. We thank him for his service and wish him the best in his well-deserved retirement."

    Tesoro Corp. is an independent refiner and marketer of petroleum products. Its retail marketing system includes more than 880 branded retail stations and convenience stores, of which more than 380 are company-operated under the Tesoro, Shell, Mirastar and USA Gasoline brands.

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