Summary
Chevron Corporation (CVX) filed an 8-K on January 29, 2026, detailing executive compensation adjustments approved by the Board of Directors. The report primarily focuses on increases to the base salaries for key executives, including the CEO, CFO, and other named officers, effective March 1, 2026. Additionally, it confirms that there will be no changes to the target percentages for the 2026 Chevron Incentive Plan (CIP). The filing also outlines significant equity awards for 2024 granted under the 2022 Long-Term Incentive Plan (LTIP), with a grant date of February 1, 2026. These awards, comprising performance shares and restricted stock units, represent substantial compensation for the named executive officers, with the CEO receiving the largest award. Investors should note that these compensation decisions reflect the Board's view on executive performance and retention strategies.
Key Highlights
- 1CEO Michael K. Wirth's annual base salary increased by $75,000 to $1,975,000, effective March 1, 2026.
- 2CFO Eimear P. Bonner's annual base salary increased by $50,000 to $1,100,000, effective March 1, 2026.
- 3Other Named Executive Officers also received base salary increases, ranging from $25,000 to $50,000.
- 4No changes were made to the 2026 target bonus percentages under the Chevron Incentive Plan (CIP) for the Named Executive Officers.
- 5CEO Michael K. Wirth received a 2024 equity award valued at $23,000,000.
- 6Significant equity awards under the 2022 LTIP were also granted to CFO Eimear P. Bonner ($5,094,000), Mark A. Nelson ($8,533,800), and R. Hewitt Pate ($7,641,000), effective February 1, 2026.
- 7Equity awards consist of 50% performance shares and 50% restricted stock units.