Texaco

(TX) - Get Report

said Sunday that Peter Bijur has stepped down as chairman and CEO "to pursue other interests."

In a press release, the oil company said its board accepted Bijur's decision to take early retirement at a meeting Sunday. He's 58 years old. Glenn Tilton was named to succedd Bijur. Tilton, 52, has been the company's senior vice president and president of its global businesses.

Texaco is

being acquired by

Chevron

( CHV), a deal that was announced in October. The deal still needs approval from shareholders of both companies and regulatory approval, among other things.

"I am proud of what we have done to make Texaco a stronger energy company, and I am enthusiastic about Texaco's future in partnership with Chevron," Bijur said in a statement. "The merger integration and transition planning is proceeding extremely well, and Texaco and Chevron will have a highly talented team to lead the combined company going forward. I have had a long and rewarding career with a great company and now, as Texaco embarks on an exciting future, it is the right time for me to begin another chapter in my professional career."