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OFFON

CHEVRON CORPORATION

(CVX)
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Chevron : Mourns Passing of Former Texaco Chairman Alfred DeCrane

09/27/2021 | 02:24pm EDT

Chevron Corporation today honored the life and career of former Texaco Chairman and CEO Alfred C. DeCrane, Jr., who died this past week at the age of 90.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210927005737/en/

Alfred DeCrane, former Texaco chairman and CEO. (Photo: Business Wire)

Alfred DeCrane, former Texaco chairman and CEO. (Photo: Business Wire)

“Al led Texaco at an important and challenging time for the company and the industry as a whole, and he leaves a proud legacy,” said Mike Wirth, chairman and CEO of Chevron. “His work across multiple industries is a testament to the value of his leadership. Speaking for our board and employees, we extend our condolences to all those who remember him.”

DeCrane died on September 22, surrounded by family in his home in Vero Beach, Florida.

DeCrane joined Texaco after graduating from law school in 1959. He had job offers from leading law firms and companies, but said he chose Texaco "because they told me that Texaco would let me do everything or anything that I showed a capability and a willingness to do." Chevron and Texaco merged in 2001.

Born in Cleveland, DeCrane attended Cathedral Latin School, where he graduated as valedictorian. He graduated magna cum laude from the University of Notre Dame. After graduation he was commissioned an officer in the US Marine Corps and married Joan Elizabeth Hoffman in 1954. They raised their six children in Bronxville, New York.

With an honorable discharge from the Marines as Captain, he went to work for Joseph P Kennedy, father to the senators and president, as a speechwriter. DeCrane went on to attend the Georgetown University Law School, and argued in front of the US Supreme Court at the age of 34.

DeCrane was on a joint industry team that met with President Nixon and key administration officials to successfully obtain an antitrust exemption to allow the company to negotiate with OPEC. He was named Texaco’s general counsel in 1976, elected to the board the next year, and became president in 1983. DeCrane was named chairman in 1987 and became CEO in 1993.

Following his retirement in 1996, DeCrane served on many corporate boards, including Bestfoods, Cigna, Birmingham Steel, Harris Corp., and Dean Whitter Discover.


ę Business Wire 2021
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Sales 2021 150 B - -
Net income 2021 13 059 M - -
Net Debt 2021 30 340 M - -
P/E ratio 2021 17,0x
Yield 2021 4,67%
Capitalization 221 B 221 B -
EV / Sales 2021 1,67x
EV / Sales 2022 1,51x
Nbr of Employees 47 736
Free-Float 79,1%
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Number of Analysts 29
Last Close Price 114,10 $
Average target price 124,25 $
Spread / Average Target 8,90%
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Managers and Directors
Michael K. Wirth Chairman & Chief Executive Officer
Brant Thomas Fish President-Downstream & Chemicals
Pierre R. Breber Chief Financial Officer & Vice President
Eimear Bonner President-Technical Center & Vice President
Ronald D. Sugar Lead Independent Director
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