UPDATE: Caltex Appoints Former Incitec Pivot Head As New CEO

Caltex Australia Ltd. (CTX.AU) Wednesday said it has appointed the former head of fertilizer and explosives company Incitec Pivot Ltd. (IPL.AU), Julian Segal, as its new chief executive.

Segal will replace Des King, who will return to the U.S after about three years in the top job when his current employment agreement expires June 30, Caltex said.

King, who was unavailable for comment, is understood to be returning to work for Caltex's 50% shareholder Chevron Corp. (CVX), according to a person familiar with the situation.

Australia's only publicly listed oil refiner, Caltex last year booked a large fall in annual profit amid sharp movements in currency values, lower demand and oil prices and unplanned refinery shutdowns.

The appointment of Segal as chief executive marks the first time since 2000 that a Caltex chief executive hasn't been seconded by Chevron. Since that time, Caltex has had four chief executives, including King.

Caltex Chairman Elizabeth Bryan said Segal's appointment has the support of Chevron, which currently has two directors on Caltex's board.

Caltex will benefit from the "long-term commitment of an experienced CEO", Bryan said.

Segal spent four years at the helm of Incitec Pivot and helped guide the company through its acquisition of Dyno Nobel last year.

-By Ross Kelly, Dow Jones Newswires; 61-2-8235-2957; [e-mail]