George M. Keller
Encyclopedia
George Matthew Keller was the chairman of Standard Oil Company of California ("SoCal") in the 1980s
, where he oversaw its merger with Gulf Oil
to form Chevron Corporation
in 1984.
Keller was born on December 3, 1923 in Kansas City, Missouri
. After his mother died while Keller was a youngster, he was raised by an aunt
who fostered an interest in science. He developed a strong fascination with chemistry
after visiting the DuPont
exhibit at the Century of Progress
World's Fair in Chicago
in 1933.
Keller enrolled at the Massachusetts Institute of Technology
and ultimately graduated from the school in 1948. He left the school as a sophomore and enlisted in the United States Army Air Corps
, serving as a meteorologist in Labrador
. He chose a position at Standard Oil Company of California in San Francisco
after graduation.
At Standard Oil, Keller's specialty was designing refineries
. He rose through the ranks and had assignments that included the first discovery of oil in Saudi Arabia
, made in 1938, for which Keller received a replica of the sword of Mohammed as a gift.
Keller became chairman of Standard Oil in 1981, succeeding Harold J. Haynes as chairman and chief executive officer
. As the company's head, Keller fostered an informal management style and a more aggressive approach to risk.
In 1984, Keller and SoCal were caught in a bidding war with T. Boone Pickens over Gulf Oil
. Keller had originally been reluctant to join the wave of mergers spreading through the industry based on his analysis that the firm could acquire new oil reserves at lower cost through exploration and drilling, rather than by purchasing competitors. After a detailed analysis of Gulf Oil's financial records, Keller and his team came up with a price of $79 per share. Keller upped the bid to $80 per share at the last minute, providing the margin that won Gulf in an acquisition valued at $13.3 billion. Though the deal added significantly to the firm's debt load, it was able to double the combined firm's oil reserves, with most of the cost covered by the sale of assets that had been part of Gulf Oil.
In August 1988, Chevron named Kenneth T. Derr
as chairman to succeed Keller, who would be reaching the mandatory retirement age of 65. Keller was to leave office as of January 1, 1989.
Later in life he became a prolific San Francisco Bay Area
philanthropist
. He died from complications of orthopedic surgery at his home in Palo Alto in 2008.
Mr. Keller's son
, Bill
, (born January 18, 1949) is the former Executive Editor of The New York Times
.
1980s
File:1980s decade montage.png|thumb|400px|From left, clockwise: The first Space Shuttle, Columbia, lifted off in 1981; American President Ronald Reagan and Soviet leader Mikhail Gorbachev eased tensions between the two superpowers, leading to the end of the Cold War; The Fall of the Berlin Wall in...
, where he oversaw its merger with Gulf Oil
Gulf Oil
Gulf Oil was a major global oil company from the 1900s to the 1980s. The eighth-largest American manufacturing company in 1941 and the ninth-largest in 1979, Gulf Oil was one of the so-called Seven Sisters oil companies...
to form Chevron Corporation
Chevron Corporation
Chevron Corporation is an American multinational energy corporation headquartered in San Ramon, California, United States and active in more than 180 countries. It is engaged in every aspect of the oil, gas, and geothermal energy industries, including exploration and production; refining,...
in 1984.
Keller was born on December 3, 1923 in Kansas City, Missouri
Kansas City, Missouri
Kansas City, Missouri is the largest city in the U.S. state of Missouri and is the anchor city of the Kansas City Metropolitan Area, the second largest metropolitan area in Missouri. It encompasses in parts of Jackson, Clay, Cass, and Platte counties...
. After his mother died while Keller was a youngster, he was raised by an aunt
Aunt
An aunt is a person who is the sister or sister-in-law of a parent. A man with an equivalent relationship is an uncle, and the reciprocal relationship is that of a nephew or niece....
who fostered an interest in science. He developed a strong fascination with chemistry
Chemistry
Chemistry is the science of matter, especially its chemical reactions, but also its composition, structure and properties. Chemistry is concerned with atoms and their interactions with other atoms, and particularly with the properties of chemical bonds....
after visiting the DuPont
DuPont
E. I. du Pont de Nemours and Company , commonly referred to as DuPont, is an American chemical company that was founded in July 1802 as a gunpowder mill by Eleuthère Irénée du Pont. DuPont was the world's third largest chemical company based on market capitalization and ninth based on revenue in 2009...
exhibit at the Century of Progress
Century of Progress
A Century of Progress International Exposition was the name of a World's Fair held in Chicago from 1933 to 1934 to celebrate the city's centennial. The theme of the fair was technological innovation...
World's Fair in Chicago
Chicago
Chicago is the largest city in the US state of Illinois. With nearly 2.7 million residents, it is the most populous city in the Midwestern United States and the third most populous in the US, after New York City and Los Angeles...
in 1933.
Keller enrolled at the Massachusetts Institute of Technology
Massachusetts Institute of Technology
The Massachusetts Institute of Technology is a private research university located in Cambridge, Massachusetts. MIT has five schools and one college, containing a total of 32 academic departments, with a strong emphasis on scientific and technological education and research.Founded in 1861 in...
and ultimately graduated from the school in 1948. He left the school as a sophomore and enlisted in the United States Army Air Corps
United States Army Air Corps
The United States Army Air Corps was a forerunner of the United States Air Force. Renamed from the Air Service on 2 July 1926, it was part of the United States Army and the predecessor of the United States Army Air Forces , established in 1941...
, serving as a meteorologist in Labrador
Labrador
Labrador is the distinct, northerly region of the Canadian province of Newfoundland and Labrador. It comprises the mainland portion of the province, separated from the island of Newfoundland by the Strait of Belle Isle...
. He chose a position at Standard Oil Company of California in San Francisco
San Francisco, California
San Francisco , officially the City and County of San Francisco, is the financial, cultural, and transportation center of the San Francisco Bay Area, a region of 7.15 million people which includes San Jose and Oakland...
after graduation.
At Standard Oil, Keller's specialty was designing refineries
Refinery
A refinery is a production facility composed of a group of chemical engineering unit processes and unit operations refining certain materials or converting raw material into products of value.-Types of refineries:Different types of refineries are as follows:...
. He rose through the ranks and had assignments that included the first discovery of oil in Saudi Arabia
Saudi Arabia
The Kingdom of Saudi Arabia , commonly known in British English as Saudi Arabia and in Arabic as as-Sa‘ūdiyyah , is the largest state in Western Asia by land area, constituting the bulk of the Arabian Peninsula, and the second-largest in the Arab World...
, made in 1938, for which Keller received a replica of the sword of Mohammed as a gift.
Keller became chairman of Standard Oil in 1981, succeeding Harold J. Haynes as chairman and chief executive officer
Chief executive officer
A chief executive officer , managing director , Executive Director for non-profit organizations, or chief executive is the highest-ranking corporate officer or administrator in charge of total management of an organization...
. As the company's head, Keller fostered an informal management style and a more aggressive approach to risk.
In 1984, Keller and SoCal were caught in a bidding war with T. Boone Pickens over Gulf Oil
Gulf Oil
Gulf Oil was a major global oil company from the 1900s to the 1980s. The eighth-largest American manufacturing company in 1941 and the ninth-largest in 1979, Gulf Oil was one of the so-called Seven Sisters oil companies...
. Keller had originally been reluctant to join the wave of mergers spreading through the industry based on his analysis that the firm could acquire new oil reserves at lower cost through exploration and drilling, rather than by purchasing competitors. After a detailed analysis of Gulf Oil's financial records, Keller and his team came up with a price of $79 per share. Keller upped the bid to $80 per share at the last minute, providing the margin that won Gulf in an acquisition valued at $13.3 billion. Though the deal added significantly to the firm's debt load, it was able to double the combined firm's oil reserves, with most of the cost covered by the sale of assets that had been part of Gulf Oil.
In August 1988, Chevron named Kenneth T. Derr
Kenneth T. Derr
Kenneth T. Derr is a member of the board of directors of the Halliburton Company. He is a retired Chairman of the Board, Chevron Corporation . He served as Chevron's Chairman and Chief Executive Officer from Jan. 1, 1989, to Dec. 31, 1999, when he was succeeded by David J. O'Reilly...
as chairman to succeed Keller, who would be reaching the mandatory retirement age of 65. Keller was to leave office as of January 1, 1989.
Later in life he became a prolific San Francisco Bay Area
San Francisco Bay Area
The San Francisco Bay Area, commonly known as the Bay Area, is a populated region that surrounds the San Francisco and San Pablo estuaries in Northern California. The region encompasses metropolitan areas of San Francisco, Oakland, and San Jose, along with smaller urban and rural areas...
philanthropist
Philanthropist
A philanthropist is someone who engages in philanthropy; that is, someone who donates his or her time, money, and/or reputation to charitable causes...
. He died from complications of orthopedic surgery at his home in Palo Alto in 2008.
Mr. Keller's son
Son
A son is a male offspring; a boy or man in relation to his parents. The female analogue is a daughter.-Social issues regarding sons:In pre-industrial societies and some current countries with agriculture-based economies, a higher value was, and still is, assigned to sons rather than daughters,...
, Bill
Bill Keller
Bill Keller is a writer for the The New York Times, of which Keller was the executive editor from July 2003 until September 2011. On June 2, 2011, Keller announced that he would step down from the position to become a full-time writer...
, (born January 18, 1949) is the former Executive Editor of The New York Times
The New York Times
The New York Times is an American daily newspaper founded and continuously published in New York City since 1851. The New York Times has won 106 Pulitzer Prizes, the most of any news organization...
.