Caltex Australia Ltd. (CTX.AU) Wednesday said it that 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 his secondment agreement expires June 30, Caltex said.

Australia's only publically listed oil company, 50%-owned by Chevron Corp. (CVX), last year booked a large fall in annual profit amid sharp movements in currency values, lower demand and oil prices, and unplanned refinery shutdowns.

By Ross Kelly, Dow Jones Newswires; 61-2-8235-2957; ross.kelly@dowjones.com
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