Anderson Steps Down
LOS ANGELES (AP) _ Robert O. Anderson announced Monday he was stepping down as chairman of Atlantic Richfield Co. after 20 years at the head of the nation’s seventh- largest oil and gas company, with assets of $22 billion.
The 68-year-old Anderson’s resignation as chairman will be effective Jan. 1, and he will be succeeded by ARCO’s current president and chief executive officer, Lowdrick M. Cook, 57.
Cook’s position will be filled by Robert E. Wycoff, 54, currently a vice chairman. James S. Morrison, executive vice president and a director of the company, will report to Wycoff. Other reporting relationships are unchanged, ARCO said in a statement.
Anderson held the position of chairman since May 1965 and was ARCO’s only chairman since Atlantic Refining Co. and Richfield Oil Corp. merged in 1966 to form the Atlantic Richfield Co.
Anderson relinquished the title of ARCO’s chief executive officer in May 1982.