Word: garvin
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Dates: during 1970-1979
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Under normal circumstances, Exxon's report would have been cause for corporate chest puffing. But Chairman Clifford C. Garvin Jr. tried unpersuasively to accentuate the negative, arguing that earnings in the U.S. from refining and marketing ''continued to be depressed...
...sales of petroleum products and natural gas and a drop in refinery production, Exxon's revenues increased 30%, to $20.6 billion, compared with $15.9 billion in last year's third quarter. Net income soared 118% to $1.1 billion. Earnings per share jumped from $1.18 to $2.60, but Garvin failed even to mention that bullish news in his statement...
...magazine advertising budget not on selling products but on promoting its business as one essential to the nation's strategic interests. No longer merely a department title, public affairs affects who is promoted and who is fired within the company, and what actually gets decided. Confesses Chairman Garvin: "I simply do not know of any operating decisions that now get made without lots of awareness of the political and public implications...
...engineers and chemists like Garvin, who have risen through the company's legendary "Texas pipeline"?from Exxon's sprawling refinery complexes of the Gulf Coast to senior management positions?the Oil Game is no longer very much fun. Hounded by the White House, harassed by consumer and environmental groups, harangued even by OPEC for profiteering, the company has become a target of opportunity for practically every cranky, disaffected group...
...Garvin reflects the tensions that plague the company. Tall, blond, looking younger than his 57 years, he nonetheless seems put off balance by the schizoid demands of his position. Is his primary task to make profits for shareholders, who consist not just of the Rockefeller family (they control only about 1% of the stock) but also of union pension funds, investment trusts, and more than 600,000 everyday investors? Or is his main job, as Exxon's advertisements imply, to be a defender of the national security? As Garvin told TIME Correspondent John Tompkins, in an observation that no Exxon...