Hartley Drops His President Title at Unocal
Fred L. Hartley, the feisty and outspoken 68-year-old chairman, chief executive and president of Unocal, said Monday that he is relinquishing the title of president to Richard J. Stegemeier, a Unocal senior vice president who also becomes chief operating officer.
The move, approved Monday by Unocal’s board, elevates Stegemeier, 57, to the No. 2 post at Unocal and positions him as the likely successor to Hartley, who hasn’t announced any retirement plans.
This marks the first time in 21 years that someone other than Hartley has held the title of president at the Los Angeles-based energy company, parent of Union Oil of California. Hartley assumed that title in August, 1964, and added the title of chief executive four months later.
Hartley will remain chairman and chief executive.
There had been speculation earlier this year, at the height of an unsuccessful battle to take over Unocal by Texas oilman T. Boone Pickens Jr., that Hartley would consider retiring this year or next if Unocal prevailed in the fight. Unocal did fight off Pickens. But on Monday, Hartley dismissed as “stupid questions” queries about whether Stegemeier’s elevation sets the line of succession at Unocal.
Stegemeier, senior vice president for corporate development since 1980, has long been regarded as one of the leading contenders for the top job at Unocal.
“It was not obvious that he was going to get it, but he clearly was one of two or three in the running,” said Bruce Lazier, an oil analyst with the brokerage firm of Prescott, Ball & Turben.
Also mentioned frequently as contenders were senior vice presidents Claude S. Brinegar, 58, and Ray A. Burke, 63, both of whom were elevated Monday to the position of executive vice president.
Stegemeier is a 34-year veteran of Unocal, where he has broad experience in oil production and research both domestically and overseas. He was the company’s vice president for research before being named a senior vice president in a major Unocal management reorganization in 1980.
