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8-K - FORM 8-K - ANDEAVOR | d71906e8vk.htm |
Exhibit 99.1
FOR IMMEDIATE RELEASE
Contact:
Investors:
Scott Phipps, Managing Director, Finance & Investor Relations, (210) 626-4882
Scott Phipps, Managing Director, Finance & Investor Relations, (210) 626-4882
Media:
Lynn Westfall, SVP of External Affairs and Chief Economist, (210) 626-4697
Lynn Westfall, SVP of External Affairs and Chief Economist, (210) 626-4697
Tesoro Announces New Chief Executive Officer
SAN ANTONIO March 30, 2010 Tesoro Corporation (NYSE:TSO) announced today that Greg Goff has
been elected by the Board of Directors to be the companys new President and Chief Executive
Officer effective May 1, 2010, replacing Bruce Smith in those roles. Goff, 53, formerly served as
Senior Vice President, Commercial for ConocoPhillips. Smith will continue as Chairman of the Board
until the companys annual meeting on June 4, at which time he plans to retire after 18 years of
service with the company. At that time, Steven Grapstein, currently Lead Director, will assume the
role of non-executive Chairman.
The Board welcomes Greg to Tesoro in his new role, said Grapstein. In todays challenging
refining market, the Board was determined to find an experienced executive with a broad refining
industry background from a leading industry major and a person with a distinguished domestic and
international career. We looked for a solutions-oriented executive who could provide the steady
leadership needed to move Tesoro into
the future. We know we have found that person in Greg Goff.
In his most recent position with ConocoPhillips, Goff was responsible for optimizing the value
of the companys assets through supply and trading of its commodity portfolio. He joined the
company in 1981 and held various positions in transportation, supply, and trading. In 1998, he
transferred to Sweden as managing director and CEO of Conoco JET Nordic. In 2000, he moved to the
United Kingdom as chairman and managing director of Conoco Limited, the companys UK refining and
marketing affiliate. In 2002, Goff became president of Europe and Asia Pacific downstream
activities. In 2004, he was named president of the companys U.S. Lower 48 and Latin America
exploration and production business. He became president, specialty businesses and business
development in 2006. Goff received a Bachelor of Science degree from the University of Utah in 1978
and a Masters of Business Administration from the University of Utah in 1981.
I am excited about this opportunity to lead Tesoro going forward, said Goff. Along with the
rest of the management team, I know we will be up to the challenge of leading the company through
the difficult refining industry environment that we face and continuing the success that Tesoro has
had in the past.
Bruce Smith has been responsible for the dramatic transition of Tesoro during his tenure
here, continued Grapstein. His foresight and leadership took a small collection of disparate
companies and turned it into the premier fuel supplier that it is today. Along the way he delivered
superior returns to our shareholders and set the foundation for the companys continued success. We
thank him for his service and wish him the best in his well-deserved retirement.
Tesoro Corporation, a Fortune 150 company, is an independent refiner and marketer of petroleum
products. Tesoro, through its subsidiaries, operates seven refineries in the western United States
with a combined capacity of approximately 665,000 barrels per day. Tesoros retail-marketing system
includes over 880 branded retail stations, of which over 380 are company operated under the
Tesoro®, Shell®, Mirastar® and USA Gasoline brands.