John S. Watson to Retire After a Distinguished 37-Year Career
SAN RAMON, Calif.--(BUSINESS WIRE)--Sep. 28, 2017--
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
View source version on businesswire.com: http://www.businesswire.com/news/home/20170928005428/en/
Source: Chevron Corporation
Chevron Corporation
Kent Robertson, +1 925-842-1456
