Boyle's Oil (Arabi): Difference between revisions
No edit summary |
|||
| Line 128: | Line 128: | ||
=== Board of Directors === | === Board of Directors === | ||
Starting in 1900 a Board of Directors was created to limit some of the powers of the President and then later CEO. The CEO has the power to make decisions in regards to | Starting in 1900 a Board of Directors was created to limit some of the powers of the President and then later CEO. The CEO has the power to make decisions in regards to distribution, production, appointing members to the Board, and appointing the {{wp|Chief Marketing Officer|CMO}}. While the Board of Directors has the power to appoint the {{wp|Chief Executive Officer|CEO}}, {{wp|Chief Operating Officer|COO}}, {{wp|Chief Finance Officer|CFO}}, and {{wp|General counsel|CLO}}, create company policies, and run the compliance department. | ||
From 1900 until 1930 there were only five members of the board, all of whom were appointed by the President/CEO. In the fall of 1930 five additional seats were added to the Board. Company policy states that at least five members of the board must be current employees of the company who have been employed by the company for at least 2 years. This policy was added in the mid 1970's in order to be more employee oriented and allow current employees to help make decisions about the company. | From 1900 until 1930 there were only five members of the board, all of whom were appointed by the President/CEO. In the fall of 1930 five additional seats were added to the Board. Company policy states that at least five members of the board must be current employees of the company who have been employed by the company for at least 2 years. This policy was added in the mid 1970's in order to be more employee oriented and allow current employees to help make decisions about the company. | ||
== Notes == | == Notes == | ||
{{reflist}} | {{reflist}} | ||
Latest revision as of 03:37, 25 March 2023
 | |
| Public | |
| Traded as | BOC |
| Industry | Energy: Oil and gas |
| Founded | June 27, 1886 |
| Founder | Bailey Boyle |
| Headquarters | Old Clark City, , |
Area served | Worldwide |
Key people | Jennifer Boyle-Daniels (Interim CEO) |
| Products | |
| Revenue |  AD$234.56 billion (2019) |
| AD$25 billion (2019) | |
| AD$18.32 billion (2019) | |
| Total assets | AD$333.75 billion (2019) |
| Total equity | AD$276.43 billion (2019) |
Number of employees |  50,000 (2022) |
Boyle's Oil Company, doing business as Boyle's Oil, is an Arabinian multinational oil and gas company headquarted in Old Clark City. The company was founded by Bailey Boyle in 1886.
On December 10, 2018, CEO Matthew Boyle announced the company had brokered an agreement with the Arabin federal government to phase out the use of fossil fuels and oil use over a 5-year period beginning January 1, 2020. The same day Boyle announced that in 2025 the company will be dissolved to form a new energy company based on using renewable energy in order to combat climate change brought on by global warning from burning fossil fuels.
Between 2019 and 2022 the company has laid off over 13,000 employees and 20,000 more are expected to be laid off by the end of 2023. By the end of 2024, 15,000 are expected to be laid off, leaving approximately 15,000 remaining employees before the company is dissolved in 2025. Matthew Boyle stated that a majority of employees that were laid off will be offered positions within the new company.
History
The company was founded in 1886 by Bailey Boyle when he was 42 years old. His father helped fund the company with his fortune he made from owning several banks in Arabi. The company was founded approximately 50 years after Arabi became an independent country. At the time there was one other oil and gas company providing energy in Arabi and kept raising prices making it difficult to afford oil. Intially Boyle's Oil only operated and sold product in Arabi but in the 1970's they expanded and started serving multiple countries, mainly in the United States, Canada, Germany, Australia, Russia, and the United Kingdom.
Key people
Presidents
From 1886 until 1920 the head of the company was referred to as "president."
| President | Years served | |
|---|---|---|
| 1 | Bailey Boyle | 1886-1910 |
| 2 | James Boyle | 1910-1920 |
CEO's
Starting in 1920 the head of the company was changed from president to CEO.
| CEO | Years served | |
|---|---|---|
| 1 | James Boyle | 1920-1931 |
| 2 | William Boyle | 1931-1958 |
| 3 | Robert Boyle | 1958-1978 |
| 4 | Michael Boyle | 1978-2015 |
| 5 | Matthew Boyle | 2015-2023 |
| 6 | Jennifer Boyle-Daniels[1] | 2023-present |
Board of Directors
Starting in 1900 a Board of Directors was created to limit some of the powers of the President and then later CEO. The CEO has the power to make decisions in regards to distribution, production, appointing members to the Board, and appointing the CMO. While the Board of Directors has the power to appoint the CEO, COO, CFO, and CLO, create company policies, and run the compliance department.
From 1900 until 1930 there were only five members of the board, all of whom were appointed by the President/CEO. In the fall of 1930 five additional seats were added to the Board. Company policy states that at least five members of the board must be current employees of the company who have been employed by the company for at least 2 years. This policy was added in the mid 1970's in order to be more employee oriented and allow current employees to help make decisions about the company.
Notes
- ↑ Boyle-Daniels is serving as interim CEO. She is the sister of former CEO Matthew Boyle. Boyle resigned in 2023 after he was elected as Vice Presient of Arabi. The Board of Directors named Boyle-Daniels as interim CEO until Matthew's daughter Hannah was finished with her education. Hannah is expected to become CEO in 2025 and lead the company in reforming its current production of gas and oil into renewable energy.