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Jan. 31--Chevron Corp. announced Monday that its highest-ranking female executive, 52-year-old Patricia Woertz, plans to retire as of March 1.
"She had a very successful career," said Fadel Gheit, an analyst with Oppenheimer and Co. "She is leaving at the top."
Chevron gave no reason for the sudden departure of Woertz, whose October 2001 promotion to executive vice president in charge of refining and marketing operations made her one of the most visible women in the traditionally male-dominated petroleum industry.
"This is Pat's personal decision, and one that we respect," said Don Campbell, a Chevron spokesman. He expressed the company's appreciation for Woertz's "numerous and important contributions" but declined further comment.
The top job at Chevron's refining and marketing operations -- which are vast but dwarfed as a source of profits by the company's crude oil and natural gas production -- will go to Mike Wirth, a 45-year-old chemical engineer who currently oversees global supplies and trading.
That will leave two vice presidents -- Patricia Yarrington, who oversees policy, government and public affairs, and Rhonda Zygocki, responsible for health, environment and safety -- as well as Lydia Beebe, the corporate secretary, as Chevron's highest-ranking female executives, according to Campbell.
About one in 10 of the company's middle- and upper-level managers are women, according to Chevron's 2005 corporate social responsibility report.
Woertz, a native of Pittsburgh, Penn., who graduated from Pennsylvania State University with a degree in accounting, went to work for Gulf Oil Co. in 1977. She was assigned to sell assets after Gulf was acquired by Chevron in 1985, and held a number of management positions on her way to the executive suite of a corporation that would emerge from a wave of industry consolidation as the nation's second-largest oil company.
Woertz's $2.1 million compensation package in 2004 included a $635,000 salary, a $1.2 million bonus and $50,000 in supplemental retirement contributions. It also included shares -- tied to the performance of Chevron's stock -- with a nominal value of $255,000 as well as 120,000 options to buy more shares for $47.06 each. In June, Woertz got another 115,000 options to buy shares at $56.76.
At Chevron's Monday closing stock price of $60.75, those options are valuable. However, such options normally become exercisable over a three-year period.
Campbell said that Woertz's departure would be treated as a "normal retirement" and that the exercise of options and realization of the value of restricted stock would occur according to rules spelled out in previous securities filings.
Rick Jurgens covers energy and business. Reach him at 925-943-8088 or at rjurgens@cctimes.com.
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Copyright (c) 2006, Contra Costa Times, Walnut Creek, Calif.
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