By Sabela Ojea

Chevron Corp. is increasing Chief Executive's Michael Wirth annual base salary as part of an annual review.

The energy giant's independent directors on Friday approved a $150,000 raise to CEO Mr. Wirth's annual base salary, which has now increased to $1.85 million.

Chevron is also increasing the annual base salary of Mark Nelson, executive vice president of the company, by $110,000, to $1.2 million in 2023, it added.

Late on Thursday, the company announced that it promoted Mr. Nelson to vice chairman of strategy, policy and development.

While CEO's target bonus remain unchanged at 165% for 2023, Mr. Nelson is seeing its target bonus climb to 120% from 110% a year earlier in connection with his new role, the company added.

Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix

(END) Dow Jones Newswires

January 27, 2023 17:09 ET (22:09 GMT)

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