Chevron announces leadership shakeup with CFO change

Chevron Corporation has announced a series of leadership changes, including the appointment of Jeff Gustavson as its next Chief Financial Officer (CFO) effective January 1, 2027. Gustavson, who has been with the company since 1999, currently serves as President of New Energies and will succeed Eimear Bonner, who will transition to the role of President of Oil, Products, and Gas. Gustavson’s new position will come with an annual base salary of $1 million and a target bonus of 110% of his base pay.

The leadership shifts coincide with Chevron’s expansion in Venezuela, where the company has secured additional acreage in the Orinoco Belt through an updated agreement. This move is part of Chevron’s plan to invest over $7 billion in the region over the next five years, aiming to double its production to approximately 600,000 barrels per day. The company recently reported record U.S. production and achieved its cost reduction goals six months ahead of schedule, saving $3 billion annually.

Chevron’s strategic adjustments come amid volatile oil prices, which have surged by 54% over the past year due to geopolitical tensions and inflation. CFO Bonner emphasized the company’s cautious approach to shareholder returns during volatile times, preferring to reinvest excess cash into the balance sheet for long-term stability. Meanwhile, the Trump administration has been involved in negotiations over Venezuela’s oil reserves, challenging Chevron’s operations in the region.