Chevron Corp. this week named a new chief financial officer effective next year and waived the mandatory retirement age of 65 for the chief executive role, opening the door for 63-year-old Chairman and CEO Michael Wirth to maintain the helm for years to come.
Current CFO and Vice President Pierre Breber is retiring next year after 35 years with the company and Eimear Bonner, vice president and chief technology officer, was named to succeed him as of March 1, 2024, the San Ramon, California-based company said.
In waiving the mandatory retirement age, Chevron’s board of directors “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,” said Wanda Austin, lead independent director. Wirth was named chairman and CEO, effective Feb. 1, 2018.
News reports in February said the board discussed waiving the mandatory retirement age because Wirth will turn 65 in late 2025 and the company was without an obvious successor.Bonner’s name has circulated as a possible successor for the top role.
In February, Chevron reported an outstanding 2022, including a $20 billion increase in adjusted earnings to $36.54 billion from $15.61 billion in 2021, due to increased production, realizations and higher refining margins.
The company is scheduled to report its second-quarter and first-half earnings on Friday and provided a glimpse at the results.
Chevron is expected to report first-half downstream earnings of $3.3 billion, down from $3.8 billion in the year-ago period, including a decline in U.S. downstream earnings to $2 billion in the first half from $2.9 billion a year ago on a small increase in production.
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