Chevron promotes CFO to lead oil and gas operations

Chevron has announced a major executive reshuffle, promoting its Chief Financial Officer Eimear Bonner to president of the oil, products and gas business. Jeff Gustavson, currently leading Chevron's new energies business, will take over as CFO. Both changes will take effect on January 1, 2027.

The moves come as Chevron prepares for a potential leadership transition, with CEO Mike Wirth having indicated earlier that he is in discussions with the board about succession planning. Wirth has led the company for over eight years and does not expect to serve more than a decade in the role.

Bonner and Gustavson are both considered potential candidates for the CEO position, according to several investors. The reshuffle is seen as a natural progression that brings them closer to the top position. Prior to her CFO role, Bonner served as Chevron's first female chief technology officer and led its joint venture Tengizchevroil in Kazakhstan.

Gustavson, who has overseen Chevron's first venture into powering data centers with natural gas, will now take the reins of the finance department. Mark Nelson, the current head of the oil, products and gas business, will step down from the role but remain as vice chairman to focus on strategy and business development.