Chevron Corporation (NYSE:CVX) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(b) and (c) On September 27, 2017, John S. Watson, Chairman of the Board of Directors (the “Board”) and Chief Executive Officer of Chevron Corporation (“Chevron”), elected to retire from Chevron and will resign as a Director, Chairman of the Board and Chief Executive Officer, effective February 1, 2018.
Also on September 27, 2017, to be effective February 1, 2018, the Board elected Michael K. Wirth, currently Vice Chairman of the Board and Executive Vice President of Midstream and Development, to the positions of Chairman of the Board and Chief Executive Officer of Chevron. Mr. Wirth will resign as Vice Chairman of the Board, effective February 1, 2018.
Mr.Wirth, 56, has been Vice Chairman of Chevron sinceFebruary 2017 and Executive Vice President of Midstream and Development since 2016, with responsibility for supply and trading, and Chevron’s midstream operating units engaged in transportation and power, as well as corporate strategy; business development; and policy, government and public affairs. He served as Executive Vice President of Downstream and Chemicals from 2006 to 2015. From 2003 until 2006, Mr.Wirth was President of Global Supply and Trading, responsible for leading Chevron’s worldwide supply and trading operations as well as its aviation, marine and asphalt businesses. Mr.Wirth joined Chevron in 1982.
The independent members of the Board will approve the compensation of Mr. Wirth in connection with his new role at a later date.
About Chevron Corporation (NYSE:CVX)
Chevron Corporation (Chevron) manages its investments in subsidiaries and affiliates and provides administrative, financial, management and technology support to the United States and international subsidiaries that engage in integrated energy and chemicals operations. The Company operates through two business segments: Upstream and Downstream. The Upstream segment consists primarily of exploring for, developing and producing crude oil and natural gas; transporting crude oil by international oil export pipelines; transporting, storage and marketing of natural gas, and a gas-to-liquids plant. Downstream operations consist primarily of refining crude oil into petroleum products; marketing of crude oil and refined products; transporting crude oil and refined products by pipeline, marine vessel, motor equipment and rail car, and manufacturing and marketing of commodity petrochemicals, plastics for industrial uses and fuel and lubricant additives.