Summary
Chevron Corporation (CVX) announced significant changes to its Board of Directors in an 8-K filing dated August 9, 2016. The company elected two new independent directors, Dambisa Moyo and Wanda M. Austin, who will join the Board on October 11, 2016, and December 1, 2016, respectively. Dr. Moyo is slated to join the Audit Committee, while Dr. Austin will serve on the Board Nominating and Governance Committee and the Public Policy Committee. These appointments are aimed at strengthening the board's oversight and expertise in critical areas.
Key Highlights
- 1Chevron elected two new independent directors: Dambisa Moyo and Wanda M. Austin.
- 2Dr. Moyo's directorship begins October 11, 2016; Dr. Austin's begins December 1, 2016.
- 3Dr. Moyo will serve on the Audit Committee.
- 4Dr. Austin will serve on the Board Nominating and Governance Committee and the Public Policy Committee.
- 5Both new directors will receive prorated annual restricted stock unit awards and cash retainers.
- 6The restricted stock unit grants are valued at $225,000, prorated based on their effective start dates.
- 7The cash retainer is prorated at $12,500 per month.
Frequently Asked Questions
Chevron has elected Dambisa Moyo and Wanda M. Austin to its Board of Directors.
Dambisa Moyo will join effective October 11, 2016, and Wanda M. Austin will join effective December 1, 2016.
Dr. Moyo will serve on the Audit Committee, and Dr. Austin will serve on the Board Nominating and Governance Committee and the Public Policy Committee.
Both directors will receive prorated annual restricted stock unit awards, with a potential value of $225,000, and prorated cash retainers of $12,500 per month, based on their respective effective dates.