OLD GREENWICH, Conn., May 27 /PRNewswire-FirstCall/ -- Premcor Inc.
(NYSE: PCO) today announced that David I. Foley and Robert L. Friedman have
resigned from Premcor's Board of Directors. Mr. Foley has served on the board
since April 1999 and is a senior managing director of Blackstone Capital
Partners III ("Blackstone"). Mr. Friedman has served on the board since March
1999 and is a senior managing director, the chief administrative officer and
chief legal officer of Blackstone. Blackstone recently distributed all of its
shares to Blackstone investors. There are no plans to replace Messrs. Foley
and Friedman's positions on Premcor's Board of Directors.
Jefferson F. Allen, Premcor's Chief Executive Officer, said, "Blackstone's
involvement with Premcor, and David's and Bob's tenures with the Board of
Directors, have been very beneficial to Premcor's management and all of
Premcor's shareholders. David and Bob have been valuable members of the
board, and their insights into the refining business and strong corporate
governance have greatly contributed to Premcor's success. It has been a
pleasure working with David and Bob. We appreciate their service, expertise
and advice over the years and we wish them well in their future endeavors."
Premcor Inc. is one of the largest independent petroleum refiners and
marketers of unbranded transportation fuels and heating oil in the United
States.
SOURCE Premcor Inc.
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Related links:
http://www.premcor.com
CONTACT:
Media or Investors, Karyn Ovelmen
+1-203-698-5669, or Investors, Colin Murray, +1-203-698-5921,
both for Premcor Inc.
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