Former Texaco CEO John McKinley

Former Texaco CEO John McKinley has died at the age of 94, Chevron confirmed.

According to a company spokesman, McKinley died at his home in Dallas, Texas.

Texaco was acquired by Chevron in 2001, over a decade after Texaco filed for bankruptcy following a lawsuit related to the company’s Getty Oil acquisition attempt.

Texaco offered to buy Getty in 1984 for $10.1 billion as McKinley attempted to reinvigorate Texaco.

But Pennzoil said it had already agreed to a purchase with Getty and sued Texaco for $15 billion in damages.

Texaco filed for bankruptcy in 1987 with $34.9 billion in assets.

Pennzoil and Texaco eventually settled for a payment of $3 billion.

“John McKinley established a record of strong leadership and strengthened Texaco’s operational capabilities and competitive position during his tenure. He oversaw efforts to expand the company’s asset base, including the purchase of Getty Oil, which continue to benefit our company today,” Chevron said in a statement.

McKinley worked at Texaco for more than 45 years until he retired in 1986 after a six-year stint as CEO.

He was sometimes criticized for his hard management style.

In a 1986 Fortune magazine interview he said, “I may be interpreted as asking harsh questions, but I don’t mean it that way. If people are afraid of me, it’s because of fear of their own inadequacy.”


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