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Stephen Pennacchio appointed Director, Executive Compensation and Benefits.

WHITE PLAINS, N.Y.--(BUSINESS WIRE)--July 16, 1997--Texaco Inc. today announced the appointment of Stephen Pennacchio as Director, Executive Compensation and Benefits, effective August 1, 1997. Pennacchio will report directly to Texaco Inc. Vice President and Corporate Secretary Carl B. Davidson.

He currently is a partner in KPMG Peat Marwick's New York City office in the personal financial planning practice.

In commenting on the appointment, Davidson said, "We are delighted that Steve is becoming a member of the Texaco management team. Having advised us over the years on the development and planning of tax issues relating to executive compensation, Steve knows Texaco and its employees. His expertise and experience as a member of the KPMG Peat Marwick group, which has been associated with our company for more than a quarter of a century, will serve him well as he joins us."

A 1979 graduate of the State University of New York at Albany with a bachelor of science degree in accounting, he received his juris doctor degree from the Fordham University Law School in 1985.

Pennacchio, 40, joined Peat, Marwick, Mitchell & Co. (as KPMG Peat Marwick was previously known) in 1979 as a member of the audit staff in New York City and two years later moved to its tax department. In 1983 he was named Tax Manager and the next year relocated to the firm's Washington National Tax Practice, where he specialized in employee benefits, compensation and pension issues, and dealt with government officials on new and proposed legislation. Pennacchio was named Senior Tax Manager in 1985.

Returning to KPMG's Tax Department in the New York City office in 1986, he dealt with executive compensation, employee benefits and pension issues in addition to retirement planning and personal financial planning issues. Two years later, Pennacchio was named a partner of the firm.

He is an Adjunct Professor at Fordham University's Graduate School of Business Administration, a member of the New York State Society of Certified Public Accountants and a member of the American Institute of Certified Public Accountants. -0-

NOTE TO EDITORS: Pennacchio, along with his wife and son, resides in Briarcliff Manor, N.Y.

CONTACT: Jim Swords

914/253-4156
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Publication:Business Wire
Date:Jul 16, 1997
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