8-KLeadership ChangesExhibits & Filings

CHEVRON CORP 8-K Report, Executive Changes (Sep 9, 2020)

Filed September 9, 2020For Securities:CVX

Summary

Chevron Corporation (CVX) announced on September 8, 2020, a significant addition to its Board of Directors with the election of Jon M. Huntsman Jr. This appointment, effective September 15, 2020, brings a seasoned political and business leader onto the board. Governor Huntsman's expertise will be further leveraged through his committee assignments on the Management Compensation Committee and the Public Policy Committee, suggesting a focus on strategic compensation and corporate governance initiatives. In conjunction with his appointment, Governor Huntsman will receive compensation aligned with other non-employee directors. This includes a prorated grant of restricted stock units valued at $225,000 annually and a prorated cash retainer of $150,000. The stock unit grant will be determined based on the remaining days in the annual compensation cycle, reflecting standard practice for new board members joining mid-cycle. Investors should view this as a strategic move to enhance board oversight and potentially bring fresh perspectives to Chevron's leadership.

Key Highlights

  • 1Jon M. Huntsman Jr. elected to Chevron's Board of Directors, effective September 15, 2020.
  • 2Governor Huntsman will serve on the Management Compensation Committee and the Public Policy Committee.
  • 3The appointment of Governor Huntsman is a strategic addition to the Board.
  • 4Non-employee Director compensation for Governor Huntsman will include a prorated restricted stock unit award.
  • 5The prorated restricted stock unit award is based on a $225,000 annual value and the remaining days in the compensation cycle.
  • 6Governor Huntsman will also receive a prorated annual cash retainer of $150,000.
  • 7The company attached the press release announcing the appointment as an exhibit.

Frequently Asked Questions

Jon M. Huntsman Jr. is a former Governor of Utah and has significant experience in business and government. His appointment to Chevron's Board of Directors is significant as it brings in a seasoned individual with a strong background that can contribute to the company's strategic decision-making, particularly in areas of compensation and public policy.

Jon M. Huntsman Jr. will receive compensation typical for non-employee directors at Chevron. This includes a prorated grant of restricted stock units, with an annual value of $225,000, and a prorated annual cash retainer of $150,000. The prorated amounts are calculated based on the number of days remaining in the current annual compensation cycle from his effective start date.

Jon M. Huntsman Jr. will serve on two key committees of the Board: the Management Compensation Committee and the Public Policy Committee. These roles suggest his involvement in shaping executive compensation strategies and overseeing the company's engagement with public policy matters.

The appointment of Jon M. Huntsman Jr. to the Board of Directors is effective September 15, 2020.