Chevron Announces Major Leadership Changes for 2027

Chevron Corporation (CVX) has announced major executive leadership changes following a Board of Directors meeting on September 30, 2026. Effective January 1, 2027, the company will implement a series of key transitions aimed at aligning its leadership with long-term strategic priorities.

Mark A. Nelson, currently Vice Chairman and Executive Vice President of Oil, Products & Gas, will retain his role as Vice Chairman but will focus on Strategy and Business Development. He will no longer oversee the Oil, Products & Gas segment. Eimear P. Bonner, the outgoing Chief Financial Officer, will take over as President of Oil, Products & Gas, highlighting the importance of Chevron's core operating segment.

Jeff B. Gustavson, who has been with Chevron since 1999, will replace Bonner as Chief Financial Officer. Gustavson, 54, previously served as President of New Energies and has held various leadership roles across finance, mergers and acquisitions, and upstream operations. His annual base salary will be $1,000,000, with a target bonus percentage of 110% under the Chevron Incentive Plan, effective January 1, 2027.

The leadership reshuffle reflects Chevron's efforts to balance traditional oil and gas operations with emerging energy ventures. Bonner's move to lead the core business underscores its continued significance, while Gustavson's appointment brings a leader with extensive operational and financial experience to the top financial post.