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 Officers
Item 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(b), (c) On January 30, 2019, the Board of Directors (the “Board”) of Chevron Corporation (“Chevron”) appointed Pierre R. Breber as Vice President and Chief Financial Officer, effective April 1, 2019, replacing PatriciaE. Yarrington, who has elected to retire from Chevron and will resign as Vice President and Chief Financial Officer, effective April1, 2019.
Mr. Breber, 54, joined Chevron in 1989. He has been Executive Vice President of Downstream and Chemicals since January 2016. Prior to that, he served as Executive Vice President of Gas and Midstream from April 2015 through December 2015 and as Vice President of Gas and Midstream from January 2014 through March 2015. Among his prior roles at Chevron, Mr.Breber served as Vice President and Treasurer from January 2009 through April 2011. Mr.Breber will continue to serve as an Executive Vice President of Chevron until assuming his new position on April1, 2019.
In connection with this appointment, Mr. Breber will (i)receive an annual base salary of $1,000,000, effective April1, 2019, (ii)continue to be eligible to receive compensation under the Chevron Incentive Plan (“CIP”), with a 2019 CIP award target percentage of 110%, (iii)continue to be eligible to receive compensation under the Chevron Long Term Incentive Plan (“LTIP”), and (iv) continue to participate in Chevron’s other benefit and deferral plans on the same terms available to other employees. On January30, 2019, the independent Directors of the Board ratified the following grants under the LTIP made by the Management Compensation Committee of the Board to Mr.Breber in connection with this appointment: 17,530 performance shares, 62,600 stock options, and 8,770 restricted stock units.
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.