Exxon Board Chairman to Retire

Clifton C. Garvin Jr. will step down as Exxon Corp.’s board chairman and chief executive officer on Jan. 1, 1987, Exxon announced today.

Lawrence G. Rawl was elected by Exxon’s board of directors to take his place, the company said. Rawl has been serving as president of Exxon since May, 1985, and will reach mandatory retirement age in December.