Chevron Announces Appointment of Dr. Wanda M. Austin as Lead Independent Director
27 May 2022 - 6:15AM
Business Wire
Chevron Corporation (NYSE: CVX) 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.
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“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. More information about Chevron is
available at www.chevron.com.
CAUTIONARY STATEMENTS RELEVANT TO
FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF “SAFE HARBOR”
PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF
1995
This news release contains forward-looking statements relating
to Chevron’s operations and energy transition plans that are based
on management’s current expectations, estimates and projections
about the petroleum, chemicals and other energy-related industries.
Words or phrases such as “anticipates,” “expects,” “intends,”
“plans,” “targets,” “advances,” “commits,” “drives,” “aims,”
“forecasts,” “projects,” “believes,” “approaches,” “seeks,”
“schedules,” “estimates,” “positions,” “pursues,” “may,” “can,”
“could,” “should,” “will,” “budgets,” “outlook,” “trends,”
“guidance,” “focus,” “on track,” “goals,” “objectives,”
“strategies,” “opportunities,” “poised,” “potential,” “ambitions,”
“aspires” and similar expressions are intended to identify such
forward-looking statements. These statements are not guarantees of
future performance and are subject to certain risks, uncertainties
and other factors, many of which are beyond the company’s control
and are difficult to predict. Therefore, actual outcomes and
results may differ materially from what is expressed or forecasted
in such forward-looking statements. The reader should not place
undue reliance on these forward-looking statements, which speak
only as of the date of this news release. Unless legally required,
Chevron undertakes no obligation to update publicly any
forward-looking statements, whether as a result of new information,
future events or otherwise.
Among the important factors that could cause actual results to
differ materially from those in the forward-looking statements are:
changing crude oil and natural gas prices and demand for the
company’s products, and production curtailments due to market
conditions; crude oil production quotas or other actions that might
be imposed by the Organization of Petroleum Exporting Countries and
other producing countries; technological advancements; changes to
government policies in the countries in which the company operates;
public health crises, such as pandemics (including coronavirus
(COVID-19)) and epidemics, and any related government policies and
actions; disruptions in the company’s global supply chain,
including supply chain constraints and escalation of the cost of
goods and services; changing economic, regulatory and political
environments in the various countries in which the company
operates; general domestic and international economic, market and
political conditions, including the military conflict between
Russia and Ukraine and the global response to such conflict;
changing refining, marketing and chemicals margins; actions of
competitors or regulators; timing of exploration expenses; timing
of crude oil liftings; the competitiveness of alternate-energy
sources or product substitutes; development of large carbon capture
and offset markets; the results of operations and financial
condition of the company’s suppliers, vendors, partners and equity
affiliates, particularly during the COVID-19 pandemic; the
inability or failure of the company’s joint-venture partners to
fund their share of operations and development activities; the
potential failure to achieve expected net production from existing
and future crude oil and natural gas development projects;
potential delays in the development, construction or start-up of
planned projects; the potential disruption or interruption of the
company’s operations due to war, accidents, political events, civil
unrest, severe weather, cyber threats, terrorist acts, or other
natural or human causes beyond the company’s control; the potential
liability for remedial actions or assessments under existing or
future environmental regulations and litigation; significant
operational, investment or product changes undertaken or required
by existing or future environmental statutes and regulations,
including international agreements and national or regional
legislation and regulatory measures to limit or reduce greenhouse
gas emissions; the potential liability resulting from pending or
future litigation; the company’s future acquisitions or
dispositions of assets or shares or the delay or failure of such
transactions to close based on required closing conditions; the
potential for gains and losses from asset dispositions or
impairments; government mandated sales, divestitures,
recapitalizations, taxes and tax audits, tariffs, sanctions,
changes in fiscal terms or restrictions on scope of company
operations; foreign currency movements compared with the U.S.
dollar; material reductions in corporate liquidity and access to
debt markets; the receipt of required Board authorizations to
implement capital allocation strategies, including future stock
repurchase programs and dividend payments; the effects of changed
accounting rules under generally accepted accounting principles
promulgated by rule-setting bodies; the company’s ability to
identify and mitigate the risks and hazards inherent in operating
in the global energy industry; and the factors set forth under the
heading “Risk Factors” on pages 20 through 25 of the company's 2021
Annual Report on Form 10-K and in subsequent filings with the U.S.
Securities and Exchange Commission. Other unpredictable or unknown
factors not discussed in this news release could also have material
adverse effects on forward-looking statements.
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Braden Reddall -- +1 925-842-2209
Chevron (NYSE:CVX)
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