Michael K. Wirth Named Chairman and CEO of Chevron
September 28 2017 - 8:15AM
Business Wire
John S. Watson to Retire After a
Distinguished 37-Year Career
Chevron Corporation (NYSE: CVX) today announced that its Board
of Directors elected Michael K. Wirth chairman of the board and
chief executive officer, effective February 1, 2018. Wirth, who is
currently vice chairman of the board and executive vice president
of Midstream and Development, succeeds John S. Watson, who will
retire from the company and its board on February 1, 2018, after 37
years of distinguished service, including eight years as chairman
and CEO.
“Mike is a proven leader who is ideally suited to lead Chevron
into the next chapter of our history,” said Watson. “He has the
right values, knowledge and experience, and has established a
strong record of accomplishment in his 35 years with the
company.”
Wirth, 56, said, “I appreciate the confidence that John and the
board have placed in me. Chevron has a proud 138-year history of
developing the energy that improves lives and powers the world
forward. I am honored to have been selected to carry on that
tradition.
“Under John’s leadership, we’ve developed legacy assets in
Kazakhstan, Australia and the Permian Basin that will underpin our
portfolio for decades to come. John will also be remembered for his
plain-spoken and principled views on company business and energy
policy matters,” Wirth added.
Wirth joined Chevron in 1982 as a design engineer. Since that
time, he advanced through a number of engineering, construction and
operations positions. Wirth was named vice chairman of the board of
directors in February 2017. He is also executive vice president of
Midstream and Development, a position he has held since 2016.
Previously, he was executive vice president of Downstream &
Chemicals for nearly a decade. Prior to that he served as president
of Global Supply and Trading and president of Marketing for
Chevron’s Asia/Middle East/Africa business, based in Singapore. He
also served on the board of directors for Caltex Australia Limited
and GS Caltex in South Korea.
Ronald D. Sugar, lead independent director for Chevron’s Board
of Directors, said, “John has done an outstanding job in guiding
the company through one of the industry’s most tumultuous periods.
During John’s tenure, Chevron’s stock has outperformed its peer
companies by a wide margin and he leaves the company well prepared
for the future.” Sugar added, “Mike is ready to be Chevron’s next
chairman and CEO. He has the right business experience and
leadership qualities to extend the company’s success, and the board
has full confidence in his ability to do so.”
Watson, who turns 61 in October, joined Chevron in 1980 as a
financial analyst and went on to hold financial, analytical and
supervisory positions before being appointed president of Chevron
Canada Limited in 1996. In 1998, he was named a corporate vice
president with responsibility for strategic planning and mergers
and acquisitions.
In 2000, Watson led the company’s integration effort following
the Chevron-Texaco merger and then became the corporation’s chief
financial officer. In 2005, he became president of Chevron
International Exploration and Production. In April 2009, he was
named vice chairman of the company, before being elected chairman
and CEO in September of that year.
“I have been blessed to have had the extraordinary opportunity
to lead Chevron, and I will miss my daily interactions with our
dedicated employees around the world,” said Watson. “I am proud of
many Chevron accomplishments, but none more so than the
improvements we made in process safety and leadership
development.”
In a related move, Watson said that Mark A. Nelson will become
vice president of Midstream, Strategy & Policy, effective
February 1, 2018. In his new role, Nelson will be responsible for
the company’s supply and trading, shipping, pipeline and power
operating units. He will also oversee corporate strategy, as well
as policy, government and public affairs.
Prior to his current position, Nelson, 54, served as the
president of International Products, responsible for the refining
and marketing businesses in Europe, Africa, Middle East, and Asia.
Before that, he was president of Chevron Canada Limited, an
upstream business headquartered in Calgary, Alberta.
Chevron Corporation is one of the world’s leading integrated
energy companies. Through its subsidiaries that conduct business
worldwide, the company is involved in virtually every facet of the
energy industry. Chevron explores for, produces and transports
crude oil and natural gas; refines, markets and distributes
transportation fuels and lubricants; manufactures and sells
petrochemicals and additives; generates power; and develops and
deploys technologies that enhance business value in every aspect of
the company's operations. Chevron is based in San Ramon, Calif.
More information about Chevron is available at www.chevron.com.
Note to editors: Executive biographies and photographs
are online at www.chevron.com/about/leadership. Data on total
shareholder return during Mr. Watson’s tenure as chairman and CEO
can be found at
https://chevron.com/-/media/stories/documents/chevron-total-shareholder-returns.pdf
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