James J. Postl Named CEO of Pennzoil-Quaker State Company
4 May 2000
Led Restructuring to Consumer Products Focus - Established Five-Year Growth Plan Targets - Guided Acquisitions, New Product Introductions - Exceeded Major Cost Reduction Goals
HOUSTON - Pennzoil-Quaker State Company on Wednesday that James J.
Postl, president and chief operating officer, has been elected president and
chief executive officer, effective June 1, 2000. Postl was selected by a
committee of Pennzoil-Quaker State Company directors and elected by the full
board of directors.
James L. Pate, who will remain chairman of Pennzoil-Quaker State Company,
said, "Jim Postl is a great choice to be chief executive officer and lead this
company into the future. Jim has proven himself to be an outstanding leader,
an experienced world class marketing executive, and an energetic company
builder. Jim has put together an extraordinary consumer products management
team and developed an aggressive growth plan to position Pennzoil-Quaker State
Company as the world's leading automotive consumer products company."
Postl joined Pennzoil Company in October 1998 and immediately took over
responsibility for the completion of a major restructuring, including the
acquisition of Quaker State Corporation. During 1999, the company exceeded
its first-year cost reduction goals, realizing $55 million in savings compared
to planned savings of $33 million. Also in 1999, Postl assembled a senior
leadership team of proven consumer product veterans, established a five-year
growth and profit plan and began accomplishing the company's goals of share
growth, international expansion, new product development and new business
acquisitions.
Postl guided the launch of several new products during his first year at
the company, including Pennzoil Roadside(TM) Rescue(R), a unique emergency
fuel additive, and Pennzoil(R) Synthetic motor oil with Pennzane(R), a
synthesized hydrocarbon fluid Pennzoil developed for the space program.
Under Postl's direction the company completed several acquisitions in both
domestic and international operations, including certain assets of Sagaz
Industries, a leading manufacturer and marketer of automobile seat covers and
cushions in the U.S. and Canada; the assets of Auto Fashions, a leading
Australian automotive accessories firm; and two British automotive consumer
products companies, Airfresh UK Limited and Bluecol Brands Limited, from U.K.
based Armour Trust plc.
Seeking to accelerate momentum as Pennzoil(R) entered its 14th year as
America's number one motor oil brand, Postl directed the launch of a share
growth campaign around new Pennzoil(R) with PureBase(R) Clean Engine Formula.
The unique campaign was based on independently conducted double-length
Sequence IIIE tests, visually demonstrating Pennzoil(R) motor oil's
outstanding performance as compared to the conventional motor oils marketed by
Castrol(R), Havoline(R), Mobil(R) and Valvoline(R).
"Working together with an outstanding management team we overcame many
hurdles during Pennzoil-Quaker State Company's first 18 months of existence,"
said Postl. "All the pieces are now in place to realize our vision of being
automotive consumers' first choice. I'm honored and challenged by the
company's confidence and excited about the prospect of growing our company and
delivering value to our shareholders."
Prior to joining Pennzoil-Quaker State Company, Postl had 31 years of
management experience in consumer products in the United States and around the
world with Nabisco, PepsiCo and Procter & Gamble. Over the course of his
career, he has been responsible for a broad array of consumer products ranging
from snack foods to soft drinks to health and beauty aids. Included among the
high-profile brands he has managed are: Nabisco's global snack foods, PepsiCo
soft drinks, Frito-Lay snack foods and various Procter & Gamble brands
including Pampers(R), Head & Shoulders(R), Duncan Hines(R) and Crest(R).
Postl was president of Nabisco Biscuit Company from early 1996 through
early 1998, and from 1994 through 1995 was president and chief executive
officer of Nabisco International. Postl held a variety of management
positions with PepsiCo, Inc. over a 19-year period. Prior to his tenure at
PepsiCo, Postl held several brand manager positions at Procter & Gamble
Company.
Pennzoil-Quaker State Company is a leading worldwide automotive consumer
products company, marketing over 1,300 products with 20 leading brands in more
than 50 countries. The company markets Pennzoil(R) and Quaker State(R) brand
motor oils, the number one and number two selling motor oils in the United
States. Jiffy Lube, a wholly owned subsidiary of Pennzoil-Quaker State
Company, is the world's largest fast lube operator and franchiser.
Pennzoil-Quaker State Company also markets a complete line of automotive car
care products including Axius(R) auto accessories, Blue Coral(R) and
Classic(R) waxes and washes, Black Magic(R) and Westley's(R) tire and wheel
care products, Fix-A-Flat(R) tire sealants, Medo(R) air fresheners,
Rain-X(R) glass treatments, Gumout(R), Snap(R) and The Outlaw(R) maintenance
chemicals and Slick 50(R) engine treatments. The company recently introduced
Pennzoil Roadside(TM) Rescue(R) Emergency Fuel Additive, a safe, conveniently
packaged emergency fuel additive that transports out-of-gas vehicles about
10 miles from the side of the road to safety.