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SAN ANTONIO -- Tesoro Corp. senior vice president, CFO and treasurer, Otto Schwethelm, left the company effective immediately. Tesoro’s board approved a separation agreement that calls for Schwethelm to receive a one-time cash severance payment of $1.25 million, the San Antonio Express-Newsreported.
Gregory Wright, 59, who served as Tesoro's chief financial officer from April 2001 until Schwethelm was promoted to the job in June 2007, will take over Schwethelm's duties while continuing to serve as executive vice president, the report stated.
Tesoro disclosed the management changes in a regulatory filing last week. Spokeswoman Sarah Simpson said in an e-mail Schwethelm "left to pursue other opportunities."
In its filing, Tesoro noted Schwethelm will serve as a consultant to Wright "from time to time" on Tesoro's year-end financial reports and will receive $33,333 a month for six months for his consulting services. The company said it hasn't entered into a contract with Wright in regards to taking on the duties of chief financial officer.
Schwethelm also will be paid a cash bonus if the company's senior vice presidents are awarded bonuses for the company's performance in 2008.
Schwethelm, a 10-year veteran at Tesoro, will receive retirement benefits as well, though he isn't 55 years old. A company document dated March 1, listed his age as 53. He joined the company after an executive-level job in Saudi Arabia with Saudi Aramco from 1991 to 1998, according to the Express-News.