Chevron announces Senior Leadership Changes

Chevron announces Senior Leadership Changes

. . . Announces CFO transition effective March 1, 2024

Waives mandatory retirement age for CEO Mike Wirth

Chevron Corporation (NYSE:CVX) on sunday announced several senior leadership changes as well as a waiver of the mandatory retirement age for the chairman and chief executive officer, Mike Wirth.

Pierre Breber, vice president and chief financial officer, will retire from Chevron in 2024 after 35 years of distinguished service to the company. Eimear Bonner, currently vice president and chief technology officer and president of the Chevron Technical Center, will succeed Breber as chief financial officer, effective March 1, 2024.

Pierre is a world class finance executive and has been an outstanding business leader throughout his career at Chevron,” Wirth said. “Under his leadership, Chevron has delivered on its financial priorities, executed several acquisitions and driven significant value for our shareholders. Pierre has been an exceptional strategic partner to me, and I want to thank him for his many contributions.”

Bonner, 49, joined Chevron in 1998. Over her 24-year career with Chevron, she has held numerous leadership and operating positions. She became general director of Tengizchevroil LLP (TCO) in 2018 where she was responsible for TCO’s operational and financial performance and led an organizational transformation. In her current role as chief technology officer, Bonner guides the deployment of technology and digital solutions across Chevron’s operations to safely drive higher returns, lower carbon and greater efficiency.

Eimear has a proven track record leading large, complex organizations. I am confident that her deep business expertise and engaging leadership approach will enable her to build upon Chevron’s strong foundation and drive further value for shareholders,” Wirth said.

Bonner will report to Wirth in her new role.

Additional Leadership Announcements: The company announced several other senior leadership appointments related to this transition. Balaji Krishnamurthy, currently vice president of Strategy & Sustainability, will become vice president of the Chevron Technical Center. Molly Laegeler, currently vice president of Chevron’s San Joaquin Valley Business Unit, will become vice president of Strategy & Sustainability. And Frank Mount, currently vice president of M&A and Origination, will become vice president of Business Development.

Krishnamurthy, 46, joined Chevron in 2002. Prior to assuming responsibility for Strategy & Sustainability, he was vice president of Chevron’s Canada Business Unit and has had numerous operating and business leadership roles. In his new role, Krishnamurthy will guide development of technologies and application of standards across the company.

Laegeler, 45, joined Chevron in 2005. Prior to her current role, she oversaw operations of several assets, including in the Permian Basin. In her new role, Laegeler will guide the development of the company’s key strategies, capital allocation and sustainability.

Mount, 54, began his career in Chevron’s finance organization in 1993. Since that time, he has held several roles across finance and business development. In his new role, Mount will oversee the company’s business development activities.

Mark Nelson, vice chairman, said, “The senior appointments made today demonstrate the strength of Chevron’s deep bench of talented leaders. We expect to continue to strengthen our performance with Balaji, Molly and Frank in their new roles.”

Waiver of Mandatory Retirement Age for CEO Wirth

Chevron’s independent directors waived the company’s mandatory retirement age of 65 for its chairman and chief executive officer, Mike Wirth, who will turn 63 later this year.

Dr. Wanda M. Austin, lead independent director for Chevron, said, “Chevron’s Board regularly reviews its long-term succession plans, and concluded it has the right leader and strategy in place to continue the company’s successful trajectory. Mike has done an extraordinary job leading Chevron in a dynamic environment and delivering outstanding financial and operational results. We look forward to his continued leadership.”

Wirth concluded, “I appreciate the Board’s support for the strategy and the executive team we have put in place and am proud of the progress Chevron has made to safely deliver higher returns and lower carbon. We remain committed to responsible energy leadership as we adapt to an evolving landscape.”

Chevron is one of the world’s leading integrated energy companies. We believe affordable, reliable and ever-cleaner energy is essential to enabling human progress. Chevron produces crude oil and natural gas; manufactures transportation fuels, lubricants, petrochemicals and additives; and develops technologies that enhance our business and the industry. We aim to grow our traditional oil and gas business, lower the carbon intensity of our operations and grow new lower carbon businesses in renewable fuels, hydrogen, carbon capture, offsets and other emerging technologies. More information about Chevron is available at www.Chevron.com.