Printer Friendly


 LOS ANGELES, Dec. 7 /PRNewswire/ -- Unocal Corp. (NYSE: UCL) said today that Chairman and Chief Executive Officer Richard J. Stegemeier has announced that he plans to retire as an employee of the company after Unocal's annual stockholder meeting in April 1994. Stegemeier, 65, will continue as chairman of the board.
 Unocal's board of directors will appoint Roger C. Beach, 57, to succeed Stegemeier as chief executive officer, effective May 1, 1994. Beach, who has been Unocal's president and chief operating officer since June of 1992 and a director since 1988, will continue as president of the company.
 "Roger Beach is a seasoned business leader with broad experience," Stegemeier said. "As Unocal's president, Roger has done an outstanding job of managing operations. He is well-prepared for larger responsibilities. The board has great confidence in Roger and his management team."
 Beach said he looks forward to building on the strong base established by Stegemeier. "As CEO for the past five years, Dick Stegemeier has led Unocal with vision and confidence," Beach said. "He's guided the company through a major restructuring, and has provided a new strategic direction. Due to Dick's efforts, Unocal today is a much stronger and more focused company, with a sound balance sheet and excellent future prospects. We're fortunate that Unocal will continue to benefit from Dick's experience and guidance as board chairman."
 Under Stegemeier's leadership, Unocal sold $2.4 billion in non- strategic assets, closed unprofitable operations, strengthened its refining system and refocused its petroleum exploration and production efforts.
 "I wanted the company to focus on what it does best -- producing and selling energy resources and petroleum products," Stegemeier said. "We've challenged all of our employees to find innovative ways to improve operations. We've already begun to see the positive impact of this new spirit at Unocal, and I expect this trend to continue under Roger's leadership."
 Stegemeier's retirement will mark the end of a 42-year career with Unocal, including nearly six years as chief executive officer. He joined Unocal in 1951 as a research engineer, and in 1961 became an engineer in the natural gas department. After two years in Tokyo, he went on to hold increasingly important operational responsibilities in petroleum exploration and production in California and the Far East.
 In 1978, he was named president of the Science and Technology Division. In 1980, he became senior vice president of corporate development and a member of Unocal's board of directors. He became president and chief operating officer in 1985, and president and chief executive officer on July 1, 1988. He was elected chairman of the board on April 24, 1989.
 In addition to being on the board of many industrial, educational, philanthropic and business organizations, Stegemeier last week was named chairman of the board of directors of the California Chamber of Commerce for 1994.
 Beach joined Pure Oil Co. in 1961, and held various positions in that company's refining system. Following Pure's merger with Union Oil Company of California, Unocal's operating subsidiary, he continued in refining operations, becoming general superintendent of the Beaumont, Texas, refinery in 1972.
 He participated in the President's Interchange Program in Washington, D.C., in 1975, and then returned to Unocal. He was named director, refining and marketing planning, in 1977, and vice president, crude supply in 1980. Beach became president, Unocal Refining aM?arketing Div is n, in 1986. He was named a senior vice president of Unocal in 1987, and was elected to the board of directors in 1988. He became Unocal's president and chief operating officer in 1992.
 Beach is chairman of the board of the National Petroleum Refiners Association, and serves as vice chairman of the board of trustees of the National 4-H Council. He holds a bachelor's degree in petroleum refining engineering from the Colorado School of Mines.
 -0- 12/7/93
 /CONTACT: Barry Lane of Unocal, 213-977-7601/

CO: Unocal Corp. ST: California IN: OIL SU: PER

MF-JL -- LA025 -- 1359 12/07/93 14:37 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Dec 7, 1993

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters