UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 25, 2022
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Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensation Arrangements of Certain Officers.
(b) On May 26, 2022, Chevron Corporation (the “Company”) announced that, in connection with evolving the Company’s leadership structure, James W. Johnson’s position as Executive Vice President, Upstream will be eliminated effective October 1, 2022. In order to support a smooth transition of his responsibilities, on October 1, 2022, Mr. Johnson will assume the role of Executive Vice President, Senior Advisor, a position that he will hold until his separation from the Company on or about January 31, 2023. The Company further announced that Mark A. Nelson, currently Executive Vice President, Downstream & Chemicals (a position that is also being eliminated), will assume the role of Executive Vice President, Strategy, Policy and Development, effective October 1, 2022.
(e) In connection with the elimination of his position and involuntary separation from the Company, Mr. Johnson will be entitled to receive a separation payment in an amount equal to one year’s base salary plus $13,000 in lieu of six months’ COBRA coverage, estimated to be approximately $1,263,000 in total amount, subject to his execution of a release of claims.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: May 31, 2022
CHEVRON CORPORATION | |||||||||||
By: | /s/ Rose Z. Pierson | ||||||||||
| Rose Z. Pierson | |||||||||||
Assistant Secretary | |||||||||||