Hartley Opts to Retire Earlier as Unocal Chief
Fred L. Hartley, who had announced plans in early June to step down as chief executive of Unocal, has elected to retire a month earlier than expected.
Hartley had said he would step down Aug. 1, but moved the date up to June 30 for “personal reasons,” Unocal spokesman Barry Lane said. Hartley, 71, of Los Angeles, will continue to serve as chairman, Lane said.
Richard J. Stegemeier, Unocal president and chief operating officer, has been named president and chief executive as expected.
Meanwhile, Unocal has named four new corporate officers. The appointments included: Neal E. Schmale, senior vice president-corporate development; Gary W. Sproule, vice president-corporate budget, planning and economics; Wellman E. Branstrom, vice president-corporate human resources, and Darrell D. Chessum, assistant treasurer.
“This is very important. These changes are almost as interesting as the Stegemeier appointment, because he’s not that far away from retirement age himself,” said Bernard J. Picchi, oil analyst at Salomon Bros. in New York.
Schmale, 41, previously was vice president-corporate budgets, planning and economics. Sproule, 38, previously was assistant treasurer. Branstrom, 53, previously was a division vice president. Chessum, 38, previously was manager-corporate finance.