September 29, 2023

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Chevron’s CEO will remain beyond retirement age, and CFO will depart in 2024

Chevron’s CEO will remain beyond retirement age, and CFO will depart in 2024

July 23 (Reuters) – US oil company Chevron Corp. (CVX.N) announced sweeping management changes Sunday, including the retirement of its chief financial officer next year and an extension of the mandatory retirement age for CEO Michael Wirth.

CFO Pierre Breber, 58, will retire in 2024, and will be replaced by the company’s chief technology officer Emir Bonner, who will become only the second woman appointed to the CFO position in the company’s more than 140-year history.

Breber, who joined the company as a financial analyst in 1989, has been CFO for the past three years and prior to that managed the company’s refining and chemicals business.

Bonner, 49, has been with Chevron for 24 years and became CTO two years ago. Previously, she was the general manager of Tengizchevroil in Kazakhstan, the company’s largest joint venture which produces about 700,000 barrels of oil per day.

“We have a fantastic leader who will come as our new CFO, Emmer Bonner. She runs a large, complex business. I am very confident she will be our chief financial officer,” Wirth said in an interview on Sunday.

Chevron said in an announcement that Wirth, who will turn 63 this year, has agreed to stay past the company’s mandatory retirement age of 65.

“My commitments to our investors were higher returns and lower carbon emissions. I’ve made much more progress and I want to make it on both,” he said.

The company announced several other senior leadership changes. Balaji Krishnamurthy, currently Vice President of Strategy and Sustainability, will become Vice President of Chevron Technology Center.

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Molly Laegler, who is currently vice president of Chevron’s San Joaquin Valley business unit, will become vice president of strategy and sustainability. Frank Mount, currently Vice President of Mergers, Acquisitions and Origination, will become Vice President of Business Development.

Chevron said in a separate statement that it topped Wall Street’s earnings estimates for the second quarter. The company expects quarterly profit of $3.08 per share, above the consensus of $2.97 per share, according to Refinitiv.

Chevron is scheduled to report full quarterly results on Friday.

Additional reporting by Mrinmay Day and Shubhindu Deshmukh in Bengaluru; Editing by Cynthia Osterman and Diane Kraft

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