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Exxon in Crisis | The Accident | 1
Business Movers
Oil Tankers - The Exxon Valdez
The Exxon Valdez left port on March 23rd 1986 carrying millions of gallons of crude oil. Captain Joe Hazelwood told his chief mate James Kunkel to get some rest but he would take his shift instead. In the mid-1980s, working for Exxon was becoming harder due to falling prices and a focus on fuel conservation. The company shed 40% of its workforce between 1982 and 1989 To maintain profits in the face of falling prices Exxon embarked on a massive round of cost-cutting. This led to far larger ships being manned by far smaller crews. And that was not the only cutback: A year later there were only 330 people at Exxon's New York headquarters.
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