Word: exxon
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Dates: during 1970-1979
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...Jamieson's successor as chair man and chief executive officer will be Exxon's current president, Clifton Garvin, 53, a forceful if taciturn Virginia-born engineer who rose through the corporate ranks via the company's burgeoning chemical operations. The new president: Howard C. Kauffmann, 52, a senior vice president (one of five), who has been running Exxon's operations in Europe and Latin America for most of the past ten years. One Exxon executive, who knows them both, describes them as "cast in the same mold-hard businessmen, not extraverted, used to tough decisions." More...
Garvin's corporate background is in transport, refining and marketing as well as chemicals-areas of the business that are increasingly important to Exxon now that governments in the Middle East and Latin America are squeezing the profits out of petroleum production. Garvin was marked as a comer at Exxon in the early 1960s. In 1965 he took over the company's chemical operations and helped turn them into the fastest-growing part of Exxon's business...
Hard Time. Elevated to Exxon's presidency in 1972, Garvin worked closely with Jamieson, who entrusted him with the negotiations for Saudi Arabia's still-pending takeover of Aramco, the four-company consortium of which Exxon is a major partner. As chairman, Garvin will have a hard time matching 1974's huge profits gains...
Bucked up by the fourfold increase in oil prices since the 1973 embargo, Exxon's total revenues rose by 61% last year to $45.8 billion, pushing the company for the first time ahead of General Motors, to top place on the FORTUNE 500 list in terms of sales. After-tax earnings also increased by 29% to $3.1 billion-the largest net profit ever reported by any industrial company. But Exxon's net in the first quarter of 1975 slipped 11% below the same period a year earlier, when oil prices were still rising; some Wall Street analysts expect...
With profits under pressure throughout the industry, Exxon will be expected to help argue the oil companies' case that the Federal Trade Commission's campaign to break up the major companies Imperils the stepped-up investment in new sources of energy that the Administration wants to encourage...