Texaco-NAACP,0314BALTIMORE (AP) - The NAACP will launch a campaign to sell off Texaco stock if the oil company fails to agree to improve its racial climate and opportunities for blacks, the civil rights group's leader said Thursday.
``If a swift agreement is not reached and Texaco is unwilling to address the root causes of the problems there, we will work with our broad-based coalition to target Texaco's stock,'' said Kweisi Mfume, the NAACP's president and chief executive officer .
Mfume earlier this week met with Texaco chairman Peter Bijur to talk about charges that the company discriminates against minority workers and that several executives made racial slurs during a secretly recorded meeting about a $520 million race discrimination lawsuit.
Following the meeting with Mfume, Texaco agreed to report back to the National Association for the Advancement of Colored People in 30 days on steps it would take to improve the racial climate in the company.
The Rev. Jesse Jackson this week called for an immediate boycott of Texaco and said the company would be picketed if it does not settle the lawsuit.
Mfume said Thursday unless the company moves quickly to resolve several problems, a stock divestiture will be called for.
The NAACP said it wants Texaco to:
-Immediately settle its pending racial discrimination suits and establish a program to encourage an environment of tolerance and sensitivity to minorities.
-Hire and promote more blacks and identify opportunities for black-owned businesses to provide goods and services to Texaco.
-Help blacks purchase Texaco distributorships and provide adequate funding.
-Designate a percentage of its yearly philanthropic budget for non-profit groups that help black communities.
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