Caltex Australia Limited (Caltex Australia), an oil refining and marketing company, has appointed Julian Segal as managing director and chief executive officer (CEO). Segal has been the managing director and CEO of Incitec Pivot since June 3, 2005. Prior to Incitec Pivot, he held various senior positions throughout Australia and offshore at Orica Limited from 1999 to 2005.

Segal holds a Bachelor of Science (Chemical Engineering) from the Israel Institute of Technology and a Master of Business Administration from the Macquarie Graduate School of Management.

Des King, currently seconded from Chevron Corporation, Caltex Australia’s major shareholder, will be returning to US after his secondment agreement expires on June 30, 2009. Caltex Australia thanked King for his significant contribution to the company during his term as CEO.

“Des has taken Caltex Australia to the next level of performance and confirmed its position as the leader in the Australian downstream oil industry and he leaves with our best wishes and thanks for his contribution to the company,” Ms Elizabeth Bryan, chairman of Caltex Australia said.

Bryan said that the board is delighted Segal has agreed to join Caltex Australia.

“Segal’s strong track record, commercial skills and experience will be integral in further developing Caltex Australia’s strengths and ensuring that it is positioned well for the long term. Caltex Australia will benefit from the long term commitment of an experienced CEO whose remuneration is tied to longer-term value creation for our Caltex Australia shareholders and the appointment has the support of Caltex Australia’s major shareholder, Chevron.”

The intention is that Segal will assume his responsibilities as CEO on or about July 1, 2009 and will work with King in transitioning to the job.

In announcing details of Segal’s remuneration package, Bryan confirmed that the board had sought external expert advice to establish a remuneration package that was competitive and which was of the level necessary and reasonable to secure the services of a managing director and CEO of a top Australian publicly listed company.

Bryan emphasized that a significant proportion of the total potential remuneration was ‘at risk’ and subject to the performance of Caltex Australia and the achievement of an appropriate increase in shareholder wealth.