CTX finished above $1.85 last night after trading below $1.65 in the previous seven days.
He had announced dismal financial results in the previous week and ruled out paying their customary dividend to shareholders, who had already suffered a sliding share price.
The company will now be headed by Mr Jeet Bindra, an executive with ChevronTexaco, which owns 50 per cent of Caltex Australia, the country's biggest petrol station and oil refining group.