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When oil company Texaco Inc. filed for Chapter 11 bankruptcy following a multibillion-dollar legal battle in the late 1980s, Texaco chairman Alfred C. DeCrane Jr. , and the chairman, James Kinnear, launched a restructuring plan that has been credited with the bailout of the country’s third largest oil company.
In a review of Texaco’s operations over the following years, investment bank Salomon Brothers described DeCrane and Kinnear “as among the most capable leaders.[s] in the international oil industry.
DeCrane, a board member of the University of Notre Dame for nearly three decades, died Wednesday, September 22 in Vero Beach, Florida. He was 90 years old.
“Al’s wisdom, generosity and dedication to the Catholic mission of Notre Dame have made him a trusted advisor and a valued friend,” said the president of the university. Rev. John I. Jenkins, SCC, noted. “We mourn his passing and give thanks for his many contributions as a leader. May he rest in peace.”
A native of Cleveland, DeCrane graduated magna cum laude in 1953 from Notre Dame, where he was named national debating champion in singles as a junior. He served in the Marine Corps, worked as a speechwriter for Joseph P. Kennedy – father of the future president – and then earned a law degree from Georgetown University in 1959. He joined Texaco that year- there as a lawyer, working in the company in Houston and New York offices.
Moving up through the ranks, DeCrane held various positions on the board of directors and was elected senior vice president and general counsel in 1976 and a board member a year later. In 1978, he became Executive Vice President in charge of large parts of Texaco’s international operations, including its interactions with OPEC. He was elected chairman in 1983, became chairman of the board in 1987 and succeeded Kinnear as chief executive in 1993. He retired in 1996.
DeCrane was elected to Notre Dame’s board of trustees in 1992 and was also for a time a member of the University, its ultimate governing body.
Along with his wife Joan, DeCrane was a generous benefactor of Notre Dame. Their donations included the creation of a merit scholarship in Joan’s name and a chair in international economics in Al’s name. He was President of the Edward Frederick Sorin Society of Notre Dame and, prior to his election to the Board of Trustees, served for 19 years on the Advisory Board of the College of Arts and Letters. The University awarded him an honorary degree in 2002.
In addition to his service to Notre Dame, DeCrane served on the board of directors of the United States–Saudi Business Council, American University of Beirut, Bestfoods, Birmingham Steel, CIGNA Corp., Corn Products International, Dean Witter / Discover, Harris Corp., US Global Leaders Growth Fund and Morgan Stanley International Advisory Board. He has also served as an international advisor to the Conference Board.
DeCrane is survived by Joan, his wife of 67 years, as well as a brother and sister, five children, 16 grandchildren and a great-grandchild. He was predeceased by a daughter.
Arrangements are pending.
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