Word: exxon
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...been quick-too quick, some business critics say-to deploy the key weapon that the commission shares with the Justice Department: the power to press antitrust charges. To date, Engman's legal staff has brought no fewer than 31 antitrust suits, most notably its 1973 complaint against Exxon and seven other big U.S. oil companies. The FTC's argument: the firms control so much of the petroleum business-from wellhead through refinery to gasoline pump-that they effectively manage the market...
...something of a tradition at Exxon that the men who reached the top jobs there could trace their careers back to more or less rough-and-tumble beginnings in the oilfields. That was certainly true of big (6 ft. 2 in.), craggy, Canadian-born John Kenneth Jamieson, Exxon's chairman since 1969, who started out in the oil business in the 1930s as a laborer in a small refinery in Calgary, Alberta. Last week's announcement that Jamieson, now 64, will retire on Aug. 1 signals a subtle change in style at the colossus of the major...
...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...