Summary
Chevron Corporation (CVX) announced a significant leadership change in its finance department via an 8-K filing on February 4, 2019. Effective April 1, 2019, Pierre R. Breber will assume the role of Vice President and Chief Financial Officer, succeeding Patricia E. Yarrington, who is retiring after her tenure. Mr. Breber, a long-time Chevron employee with extensive experience in various executive roles, including his recent position as Executive Vice President of Downstream and Chemicals, brings a deep understanding of the company's operations to this critical financial leadership position. This transition involves specific compensation arrangements for Mr. Breber, including a base salary of $1,000,000, and continued eligibility for performance-based incentives under the Chevron Incentive Plan (CIP) and Chevron Long Term Incentive Plan (LTIP). He will also receive grants of performance shares, stock options, and restricted stock units as part of his new role. Investors should view this as a planned succession with a seasoned executive stepping into a key financial role, expected to maintain continuity and strategic financial oversight for the company.
Key Highlights
- 1Pierre R. Breber appointed as Vice President and Chief Financial Officer, effective April 1, 2019.
- 2Current CFO, Patricia E. Yarrington, will retire effective April 1, 2019.
- 3Mr. Breber has been with Chevron since 1989, holding various senior executive positions.
- 4Mr. Breber's new annual base salary will be $1,000,000.
- 5Mr. Breber will remain eligible for the Chevron Incentive Plan (CIP) with a 2019 target of 110% and the Chevron Long Term Incentive Plan (LTIP).
- 6New equity grants include 17,530 performance shares, 62,600 stock options, and 8,770 restricted stock units for Mr. Breber.
- 7The appointment reflects a planned leadership transition within the company's executive team.