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Chevron Corporation, a leading U.S. oil and gas firm, disclosed substantial changes in its top management on Sunday, July 23, appointing Elmear Bonner as the new CFO and abandoning the mandatory retirement age for CEO Mike Wirth.
Chevron said it had appointed Elmear Bonner as the new chief financial officer of the company. His appointment comes as the current CFO, Pierre Breber, is set to retire in 2024. His successor, Bonner, is a veteran who has served the company for more than 24 years.
Currently, the 49-year-old Bonner is working as chief technology officer of Chevron Technical Center. According to Reuters, the leading oil company also revealed it has set aside the mandatory retirement age for its chief executive officer, Mike Wirth, which means he will continue to lead the company even after he turns 65 in two years. He is among the highest-paid executives in the energy industry, with his $23.57 million pay last year.
Pierre Breber, the firm’s vice president and chief financial officer, is retiring after 35 years of solid service next year. Bonner will take over the role of chief financial officer on March 1, 2024. He is expected to report directly to Wirth as Chevron’s new CFO.
“Pierre is a world-class finance executive and has been an outstanding business leader throughout his career at Chevron,” Chevron’s CEO Wirth said in a press release. “Under his leadership, Chevron has delivered on its financial priorities, executed several acquisitions and driven significant value for our shareholders. Pierre has been an exceptional strategic partner to me, and I want to thank him for his many contributions.”
Meanwhile, Chevron also announced other senior leadership changes, including Balaji Krishnamurthy becoming VP of Chevron Technical Center after promotion from his current VP of Strategy & Sustainability role. Frank Mount, the VP of M&A and Origination, was promoted to VP of Business Development.
Photo by: Luis Ramirez/Unsplash
