Word: exxon
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Dates: during 1970-1979
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...system might appear designed to make Exxon a slow-moving debating society -a kind of centipede with ar thritis. In fact, Exxon has an enviable reputation for being nimble. The main reason is that the New York headquarters still grants considerable autonomy to subsidiaries and affiliates in the field...
...reached, or even identifying exactly who makes them. Production Vice President Goerner, for example, constantly talks with Exxon's exploration chiefs around the world about where to look for oil; he also reviews their budgets. But if the head of an Exxon subsidiary in, say, Australia differs with Goerner on where the company should spend millions in drilling, both present their views to the management committee, which meets as often as necessary to consider Exxon's largest problems. The committee then mediates a compromise...
Independent Texas oilmen, for instance, often ask to lease wells that major oil companies are not operating. Some companies refer all bids to corporate directors, who may take years to answer; Exxon's local executives can usually return a yes or no answer within two weeks. Independent oilmen, indeed, almost unanimously give Exxon credit for not only swift but fair dealing. Many say that Exxon will not sign a sale, purchase or lease contract unless its officials are convinced that the transaction is good for both parties...
Rockefeller's influence is still felt in Exxon. He began selling overseas when the industry was still a handful of wells in Pennsylvania turning out a product that was refined mostly into kerosene burned in lamps (gasoline was then an unwanted byproduct). Early on, Stan dard Oil boasted that
...personal assistant for a year or so, then sends him back home to a top job. In 1972-73 his executive assistant was Masamoto Yashiro, now vice president of an Exxon subsidiary in Japan. As a staff for the world government, Exxon has created what amounts to a global civil service that concentrates on identifying potential managers early and promoting them fast. The company recruits promising geologists, engineers and business-school graduates from colleges in the U.S. and abroad. From their first day on the job, they are constantly watched and rated by their immediate bosses and, if they...