Chevron is handing its finance chief, Eimear Bonner, the top job running its oil, products and gas business, while Jeff Gustavson moves from new energies into the CFO seat. Both changes take effect January 1 and come as the company works through succession planning for CEO Mike Wirth.
Chevron named Eimear Bonner president of its oil, products and gas business on Monday, promoting its current chief financial officer into the operating role. Jeff Gustavson, now president of Chevron's new energies unit, will take over as CFO. Both moves become effective January 1.
A reshuffle tied to CEO succession
The appointments land as Chevron prepares for Wirth to eventually step down. In December, Wirth said he was in discussions with the board about succession planning and did not expect to serve more than 10 years in the role. Wirth has led the company for more than eight years.
Several investors told Reuters that Bonner and Gustavson are both seen as potential CEO candidates. A Chevron spokesperson addressed the succession process directly: according to Reuters, "Chevron maintains a robust succession planning process overseen by the board."
Mark Nelson, who currently heads the oil, products and gas business, will leave that role on January 1 but remain vice chairman, overseeing strategy and business development.
Analysts read the moves as a signal
Senior investment analyst Mark Metz of American Century Investments, which holds Chevron shares, called the changes a natural progression that moves Bonner and Gustavson a step closer to the top job.
Bonner has taken on a more public profile over the past year, representing Chevron more often in TV and conference appearances. Before becoming CFO, she was the company's first female chief technology officer and served as general director of Tengizchevroil, the joint venture that operates the largest oilfield in Kazakhstan.
Gustavson, in his current role, oversaw Chevron's first move into powering data centers with natural gas.
Source: Investing.com
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