Summary
Chevron Corporation (CVX) has announced a leadership restructuring that includes the elimination of the Executive Vice President, Upstream position held by James W. Johnson, effective October 1, 2022. To facilitate a smooth transition, Mr. Johnson will serve as Executive Vice President, Senior Advisor until his departure on or about January 31, 2023. This organizational change is part of an evolving leadership structure within the company. Concurrently, Mark A. Nelson, currently Executive Vice President of Downstream & Chemicals (a role also being eliminated), will transition to the newly created position of Executive Vice President, Strategy, Policy and Development, also effective October 1, 2022. Mr. Johnson's departure will result in a separation payment estimated at approximately $1,263,000, which includes one year's base salary and a cash payment in lieu of COBRA coverage.
Key Highlights
- 1Leadership restructuring within Chevron Corporation to evolve the company's leadership structure.
- 2James W. Johnson's position as Executive Vice President, Upstream will be eliminated effective October 1, 2022.
- 3Mr. Johnson will transition to an Executive Vice President, Senior Advisor role until his separation from the company around January 31, 2023.
- 4Mark A. Nelson will move from Executive Vice President, Downstream & Chemicals to Executive Vice President, Strategy, Policy and Development, effective October 1, 2022.
- 5The Downstream & Chemicals position held by Mr. Nelson is also being eliminated as part of this restructuring.
- 6Mr. Johnson is expected to receive a separation payment of approximately $1,263,000, contingent on signing a release of claims.
- 7The separation payment for Mr. Johnson includes one year's base salary and $13,000 in lieu of six months' COBRA coverage.