Financial Energy Review
Chevron Corporation on Thursday announced a simplified organizational structure and senior leadership changes intended to strengthen execution and pace to deliver on the company’s objectives of higher returns and lower carbon.
Effective October 1, 2022, the company will consolidate its Upstream, Midstream and Downstream business segments under a new executive vice president, Oil, Products & Gas, who will oversee the full value chain.
As part of this change, the company is consolidating into two Upstream regions – Americas Exploration & Production and International Exploration & Production.
The company is also organizing its Strategy & Sustainability, Corporate Affairs and Business Development functions under a new executive vice president, Strategy, Policy & Development.
The changes build on the company’s enterprise-wide transformation in 2020, which has produced improved operational and financial results.
The new leadership structure is expected to enable a more integrated approach to capital allocation, asset class excellence and value chain optimization, and facilitate more effective external engagement and business development impact.
“We’ve made significant progress over the last two years, and these changes position us to further enhance execution across all aspects of our business as the energy system evolves,” said Mike Wirth, Chevron’s chairman and chief executive officer. “It will also bring strategy, policy and business development into tighter alignment as we focus on leveraging our strengths to deliver lower carbon energy to a growing world.”
Meanwhile, it has announced that the independent directors of the Chevron Board have selected Dr. Wanda M. Austin as lead independent director, effective May 25, 2022.
Dr. Austin succeeds Dr. Ronald D. Sugar in that role, who will remain on the Chevron Board. Austin has served on the Chevron Board since December 2016.
“We are pleased to announce Dr. Austin’s selection as our next lead independent director,” said Mike Wirth, chairman and CEO. “Wanda was selected by the independent directors of the Board based on her thoughtful leadership and contributions in a variety of roles, including as chair of our Board Nominating and Governance Committee and as former chair of our Public Policy and Sustainability Committee. We thank her for accepting this responsibility to lead and provide independent oversight of management.”
“I’d also like to express my appreciation to Dr. Sugar for his strong leadership and sound judgment as lead independent director,” continued Wirth. “Ron has served in this role since 2015, as the company experienced the pandemic and geopolitical challenges, secured multiple acquisitions and embraced its role in the energy transition as we pursue our objective of safely delivering higher returns, lower carbon.”
Dr. Austin will continue to serve as chair of the Board Nominating and Governance Committee and member of the Management Compensation Committee. Dr. Sugar will continue to serve on the Board Nominating and Governance Committee and Management Compensation Committee.
Chevron is one of the world’s leading integrated energy companies. We believe affordable, reliable and ever-cleaner energy is essential to achieving a more prosperous and sustainable world. Chevron produces crude oil and natural gas; manufactures transportation fuels, lubricants, petrochemicals and additives; and develops technologies that enhance our business and the industry. We are focused on lowering the carbon intensity in our operations and seeking to grow lower carbon businesses along with our traditional business lines.
