Chevron elevates CFO to lead oil and gas operations
CVX•Chevron CFO Eimear Bonner will lead its oil, products and gas business, while Jeff Gustavson will become CFO. Both changes take effect January 1; both executives are seen as potential CEO candidates.
1. Leadership changes
Chevron said CFO Eimear Bonner will become president of its oil, products and gas business, and Jeff Gustavson, currently president of its new energies business, will succeed her as CFO. Both moves take effect January 1. Mark Nelson will leave the business leadership role that day but remain vice chairman, overseeing strategy and business development.
2. Succession planning
The changes come as CEO Mike Wirth is preparing for a future handover. Wirth said in December he was discussing succession planning with the board and did not expect to serve more than 10 years in the role. Investors cited in the article view Bonner and Gustavson as potential CEO candidates.
3. Executive backgrounds
Bonner has represented Chevron in television and conference appearances over the past year. Before becoming CFO, she was the company's first female chief technology officer and led its Tengizchevroil joint venture. Gustavson oversaw Chevron's first foray into powering data centers with natural gas as head of new energies.
