Summary
Chevron Corporation (CVX) filed an 8-K on December 5, 2018, announcing a key change to its Board of Directors. Debra Reed-Klages was elected to the Board, effective December 4, 2018. This appointment is significant as it reflects adjustments to the company's governance structure. Investors should note that Ms. Reed-Klages will also serve on the Management Compensation Committee and the Public Policy Committee, indicating her involvement in critical decision-making areas related to executive pay and corporate responsibility. Furthermore, the filing details the compensation arrangements for Ms. Reed-Klages as a non-employee Director. She will receive a prorated grant of restricted stock units valued at $225,000 and a prorated annual cash retainer of $150,000. These compensation components are designed to align director interests with those of shareholders and reflect the value of their service. The specific number of restricted stock units will be calculated based on the remaining portion of the annual compensation cycle and the closing stock price on the effective date.
Key Highlights
- 1Debra Reed-Klages elected to Chevron's Board of Directors, effective December 4, 2018.
- 2Ms. Reed-Klages appointed to the Management Compensation Committee and the Public Policy Committee.
- 3Non-employee Director compensation includes a prorated restricted stock unit grant (valued at $225,000) and a prorated annual cash retainer ($150,000).
- 4The restricted stock unit grant is prorated based on the remaining days in the Annual Compensation Cycle.
- 5The number of restricted stock units will be determined by the $225,000 grant value divided by Chevron's closing stock price on the effective date.
- 6The filing incorporates a press release dated December 4, 2018, as Exhibit 99.1.