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| Kenneth Tindall Derr | |
|---|---|
| Born | (1936-08-04)August 4, 1936 Wilkes-Barre, Pennsylvania, U.S. |
| Died | July 12, 2024(2024-07-12) (aged 87) |
| Education | Cornell University (BEng 1959, MBA 1960) |
| Partner |
Donna Carol Mettler (m. 1959) |
Kenneth Tindall Derr (August 4, 1936 – July 12, 2024) was an American businessman who was a member of the board of directors of the Halliburton Company. A chairman of the board at Chevron Corporation, he served as the oil company's Chairman and CEO from January 1, 1989 to December 31, 1999, when he was succeeded by David J. O'Reilly. Derr was also a chairman of the board of Calpine Corporation, a director of Citigroup Inc., and a director of Potlatch Corporation. He was a Council on Foreign Relations member.
Life and career
Derr was one of the most consequential people in Chevron history. His vision and leadership helped guide Chevron through momentous times to create a high-performing company with outstanding people and legacy assets that distinguish their business to this day.
In 1960, he arrived at Standard Oil of California, equipped with an engineering degree and MBA from Cornell University, and proceeded to make an outsized impact in every position he held. Notably, he played a crucial role in the acquisition and integration of Gulf Oil in 1984 – a large-scale merger heralded by The Wall Street Journal as “a textbook example of the integration of operations.”
During his 11-year tenure that began in 1989, he strengthened the company’s performance with a keen focus on efficient operations, profitable growth and shareholder returns.
Derr expanded global operations with a partnership in Kazakhstan’s Tengiz Field following the fall of the Soviet Union. He increased Chevron’s presence in Africa; reentered Bahrain, Kuwait, Saudi Arabia and Venezuela; and moved into new areas of Argentina, Azerbaijan, China and Thailand.
Derr's commitment to deliver competitive performance was made clear by a sign he kept on his desk: “Better than the Best.” It was his call to action, inspiring the workforce to make Chevron the most profitable oil major in the United States with the best shareholder returns. Under his leadership, the team succeeded. Chevron’s market capitalization quadrupled, and the stock dividend increased for 10 consecutive years – a streak that has now extended to 37 consecutive years.
Derr was also unwavering in his belief that the people of Chevron were at the heart of the company’s success. One of his lasting contributions was committing to a corporate culture that enables everyone to bring their best selves to work.
Building on the principles initially established in 1923 with The Standard Oil Spirit, Derr was deeply involved in efforts to put people first. He made workplace diversity and inclusion a business imperative and championed diversity councils that grew to become today’s employee networks. By recruiting Condoleezza Rice to their Board of Directors – Chevron’s first Black director and second woman director – he laid the foundation for a diverse board that now has 50/50 gender representation. And he introduced The Chevron Way and the shared set of values that have defined our culture of excellence for decades – and a commitment to getting results the right way.
Derr attended Cornell University and was a member of the Sphinx Head Society and the Sigma Phi Epsilon fraternity.
Derr served as the vice chairman in 1985 and was responsible for the firm's domestic operations. He had earlier spent a year and a half-charged with implementing the merger of Chevron and Gulf Oil after the firm purchased Gulf in 1984. In August 1988, Chevron named Derr as chairman to succeed George M. Keller, who would be reaching the mandatory retirement age of 65. Keller was to leave office as of January 1, 1989.
Derr died on July 12, 2024, at the age of 87.
References
- Fisher, Lawrence M. "BUSINESS PEOPLE; New Chief at Chevron Sees Greater Expansion", The New York Times, August 23, 1988. Accessed October 19, 2008.
- "Former Chevron CEO Kenneth Derr dies at 87". WTVB. 15 July 2024. Retrieved 15 July 2024.
- Eaton, Collin (August 10, 2024). "Ken Derr, Who Embraced Social Change as Chevron's CEO, Dies at 87". The Wall Street Journal. Retrieved August 12, 2024.
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