Word: exxon
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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...
Each year, chiefs of every Exxon division, subsidiary and affiliate have to compile lists of their executive jobs and identify people who have the potential to fill them in the future. (Exxon defines an executive as anyone earning $25,000 a year or more; some 2,900 of its 150,000 employees around the world fit that category.) Similar lists are kept all the way up to the top of the empire. In New York, each Exxon director compiles a brief list of executives who are potential future members of the board...
Rising Exxonians are never quite sure where they rank on any list; superiors discuss with them only their performance, not their potential. That system reaches one rung short of the top. Clifton Garvin Jr. insists that when directors named him Exxon's president in July 1972, he was surprised. Though Garvin was one of two executive vice presidents, no one had ever told him that he was at the top of Jamieson's list of possible future presidents...
...retirement at 65 in August 1975. Since Garvin will be only 53 then, he will presumably preside for a dozen years, about twice as long as usual. Garvin, a Virginia Polytechnic Institute engineer and a graduate of the Baton Rouge, La., refinery, which is a prolific breeding ground of Exxon leaders, once ran Exxon's chemical operations. He confesses to "a feeling of frustration" in trying to explain the complexities of the energy problem...