Summary
Chevron Corporation (CVX) announced a change to its Board of Directors in an 8-K filing on October 25, 2017. John B. Frank was elected to the Board, effective November 2, 2017, and will serve on the Audit Committee. This appointment brings new expertise to the board, particularly in financial oversight given his role on the Audit Committee. In connection with his election, Mr. Frank will receive compensation typical for non-employee directors, including a prorated restricted stock unit award and a prorated annual cash retainer. The stock award will be valued at $225,000 prorated based on the remaining days in the annual compensation cycle, and the cash retainer will be $150,000 prorated and paid monthly. Investors should note that this is a routine governance update and does not involve any material operational or financial changes for the company at this time.
Key Highlights
- 1John B. Frank elected to Chevron's Board of Directors, effective November 2, 2017.
- 2Mr. Frank will serve as a member of the Board's Audit Committee.
- 3The appointment is a governance-related event, with no immediate impact on Chevron's operational or financial performance.
- 4Mr. Frank will receive a prorated restricted stock unit award valued at $225,000 based on the remaining compensation cycle.
- 5Mr. Frank will also receive a prorated annual cash retainer of $150,000 for his services as a non-employee director.
- 6Compensation for Mr. Frank will be granted on the effective date of his Board election.
- 7The press release announcing the appointment is incorporated by reference as an exhibit.