Summary
Chevron Corporation (CVX) filed an 8-K report on April 4, 2016, detailing changes to executive compensation. The most significant update for investors pertains to the base salary adjustments for two key officers: Patricia E. Yarrington, Vice President and Chief Financial Officer, and Michael K. Wirth. These adjustments, ratified by the Board of Directors' independent members on March 30, 2016, were effective April 1, 2016. Specifically, Ms. Yarrington's annual base salary was increased by $19,400 to $1,078,900, and Mr. Wirth's annual base salary was increased by $13,400 to $1,098,400. While these are base salary adjustments and not a change in overall compensation strategy, investors should note these increases for senior leadership as part of the company's ongoing executive compensation practices.
Key Highlights
- 1Chevron filed an 8-K on April 4, 2016, reporting executive compensation adjustments.
- 2The Board of Directors' independent members ratified base salary increases for two senior officers.
- 3Patricia E. Yarrington, CFO, received a base salary increase of $19,400, bringing her annual salary to $1,078,900.
- 4Michael K. Wirth received a base salary increase of $13,400, bringing his annual salary to $1,098,400.
- 5These base salary increases were effective as of April 1, 2016.
- 6The Management Compensation Committee of the Board recommended these adjustments.