Murphy Oil Elects New Chairman

by Arkansas Business staff  on Monday, Jul. 15, 2002 3:53 pm  

Murphy Oil Corp. of El Dorado said that William C. Nolan Jr. has been elected chairman of the board of directors, effective Monday.

Nolan succeeds R. Madison Murphy, who will remain on the board and serve as chairman of the audit committee.

The company said the move will allow R. Madison Murphy to devote more time to the growth of his other interests, including matters related to his late father's estate.

Nolan, a relative of the Murphys, received his undergraduate degree from Yale University in 1961 and his law degree from Yale Law School in 1964. After graduation, he worked in Murphy's law department until 1969 when he left to found the Nolan and Alderson law firm where he is a partner.

Nolan is also president of Noalmark Broadcasting Corp., which owns radio stations in Arkansas and New Mexico. Nolan has been a Murphy director since 1977.

R. Madison Murphy is a cousin of Claiborne Deming, CEO of Murphy for seven years. R. Madison Murphy is the grandson of Charles H. Murphy Sr., who planted the seeds of the family's fortune in the early 1900s, becoming involved in the banking and lumber businesses.

R. Madison Murphy had been chairman since 1994. R. Madison Murphy provided the impetus behind the Murphy Commission, a panel of executives from the private sector that reviewed every aspect of Arkansas state government and made recommendations on how government could be run more efficiently.

Shares of Murphy (NYSE: MUR) were trading at $68.21 on Monday after closing at $69.80 on Friday.



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