Chevron CEO John Watson to Step Down
23 August 2017 - 3:34AM
Dow Jones News
By Bradley Olson
Chevron Corp. Chief Executive John Watson is planning to step
down as the energy giant seeks new leadership for a changing oil
world, according to people familiar with the matter.
The transition is expected to be announced next month, although
Mr. Watson's successor hasn't yet been finalized by the board and
could change, the people said.
The leading candidate to replace Mr. Watson, 60, is Michael
Wirth, 56, a refining specialist who earlier this year was elevated
to the position of vice chairman at the oil company, the
second-largest in the U.S. behind Exxon Mobil Corp., the people
said.
Chevron directors see Mr. Wirth's years of experience wringing
costs out of big plants that process fuel and chemicals as a
critical need in a new era for oil markets defined by low prices,
the people said.
Such a background has grown far more important for executives at
the world's largest oil companies as they seek out investment
opportunities that pay back quickly and move to allay investor
concerns about when demand for crude will peak.
A Chevron spokesman declined to comment. Attempts to reach Mr.
Watson Tuesday weren't immediately successful.
Mr. Wirth's ascent would mean four of the five largest public
energy companies -- including Exxon, Royal Dutch Shell PLC and
Total SA -- would be led by former refining specialists, a telling
indication of transformation in oil markets. BP PLC's Bob Dudley
would be the last holdover from the time of $100-a-barrel
crude.
Write to Bradley Olson at Bradley.Olson@wsj.com
(END) Dow Jones Newswires
August 22, 2017 13:19 ET (17:19 GMT)
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