8-KLeadership Changes

CHEVRON CORP 8-K Report, Executive Changes (Sep 28, 2017)

Filed September 28, 2017For Securities:CVX

Summary

This 8-K filing announces a significant leadership transition at Chevron Corporation. Effective February 1, 2018, current Chairman and CEO John S. Watson will retire from all his positions. This marks the end of an era for a long-standing leader in the energy sector. In conjunction with Mr. Watson's retirement, the Board has elected Michael K. Wirth, currently Vice Chairman and Executive Vice President of Midstream and Development, to succeed him as Chairman and CEO. Mr. Wirth, with a long tenure at Chevron since 1982 and extensive experience across various executive roles including Downstream and Chemicals, Midstream and Development, and Global Supply and Trading, is positioned to lead the company forward. Investors will be keen to observe Mr. Wirth's strategic direction and operational focus as he takes the helm.

Key Highlights

  • 1John S. Watson, Chairman and CEO, to retire effective February 1, 2018.
  • 2Michael K. Wirth elected as the new Chairman and CEO, effective February 1, 2018.
  • 3Mr. Wirth brings extensive experience from various leadership roles within Chevron since 1982.
  • 4Mr. Wirth's current responsibilities include Midstream and Development, supply chain, and corporate strategy.
  • 5The leadership transition is planned to occur in early 2018.
  • 6Compensation for Mr. Wirth in his new role will be determined at a later date by the independent Board members.

Frequently Asked Questions

Michael K. Wirth, currently Vice Chairman and Executive Vice President of Midstream and Development, has been elected to succeed John S. Watson as Chairman and CEO, effective February 1, 2018.

The changes will be effective on February 1, 2018, with both John S. Watson's retirement and Michael K. Wirth's assumption of new roles occurring on that date.

Mr. Wirth has a long history with Chevron, joining in 1982. He has held significant executive positions including Vice Chairman, Executive Vice President of Midstream and Development, Executive Vice President of Downstream and Chemicals, and President of Global Supply and Trading.

No, the independent members of the Board will approve Mr. Wirth's compensation in connection with his new role at a later date.