Thread regarding Chevron Corp. layoffs

Yes and don’t forget AG and SN!

Agree BK being groomed but he and EB almost the same age. Not both.

Others sent all over Upstream and Downstream and center include DW, CP, and JB

Worth is wirth his weight in gold!

BK after EB

** This also gives time for a successor for EB to be groomed, possibly a person of color involved in the energy transition. **

More importantly, gives me plenty of time to retire before all h3ll breaks loose.

Worth is on the board and quite chatty with press…

Umm, the news is from none other than the Wall Street Journal who claim to have spoken directly to several board members. I don't expect the WSJ is making up news here but you can have your conspiracy fantasies.

All of this is stupid rumor as if board members would blab. Fabricated by a gossip or someone who would benefit from leaking a bogus rumor for their benefit to test the idea. Lazy journalism with no fact checking

We. Are. All. Fu---d.

EB does seem to have the inside track as next CEO given that she's the only D&I person in high rank (RM is just a diversity placeholder). Be careful what you wish for, EB has spent her entire career insulated from the day-to-day employees. One of her first jobs of substance was to head the 2014-15 layoff episode. Goodbye, several thousand of your peers. Then to supervise massive overspends at Tengiz. Goodbye, several $$$billion. Then to 'manage' CTC into its current state of irrelevance. Goodbye, technology. Yeah, great candidate to head the company. Chevron will get its own version of Vicky Hollub.

NH will be too old already and PB is ancient. MW will stay until EB is ready. She needs to be EVP for at least 3 years and needs a couple years downstream exposure before that. She could do a JW downgrade for training as a downstream VP, 2024-2026, then EVP 2027-2030. That puts MW at age 70 and EB at 55. Perfect. This also gives time for a successor for EB to be groomed, possibly a person of color involved in the energy transition.

The board makes the rules so they can always change them if not.

Likely MW stays until 67. PB was deemed unworthy last round. NH is next the guy like it or not, so get ready for him in 2027 or so.

pb as ceo would be good. enough time for eb to learn how to be the next. can mw stay on the board after he retires as ceo? what are the rules on that?

so Welsh is foreign but Irish is not?

I can confirm the BOD loves EB, is lukewarm on NH (foreign) and is not thrilled with JG at all.

Stop it. Vicky Holub did an amazing job destroying oxy.

What? Did someone say the board has decided the next CEO will be female? Wait, let me sell all my CVX shares first!

Funny that the argument is to give MV time to prepare the next successor! He had been on the Job since early 2018 and by late 2025 he had more than 7.5 years to prepare the next successor!!

Even if the board wants him to stay, most folks want to enjoy the remaining years that they can with all that money they have, what is he gonna really earn by staying past 65, he will not get younger or healthier no matter how much more he earns.

LOL - MN always the bridesmaid, never the bride

PB is the only ready candidate to replace MW, but then he'd only get 5 years as CEO before 65 too.

Turn the lights out when you are done Mike!

the next tier are definitely not effective communicators and MW is an exceptional one, so it is indeed a sharp drop off. EB has way more EQ and IQ than JG

RM just needs to go to Midland for a couple more field tours and then she will be ready to succeed MW.

Imagine all the great layoffs we can have together with a guy who seems to love a good layoff. Its time for someone new who actually cares about employees. After the last two years of h ell lets get someone new.

The board has decided the next CEO will be female. EB needs a bit more experience to get there and nobody else is even close.

75? A chevron previous VP just passed away days last week at age 72…

Unbelievable !

Not like planning for a mandatory succession in 2025 from MW came as a surprise to the BOD (if they are earning their director compensation).

PB can be 1) passed over for Charman when many felt he was the heir apparent when MW got the job; 2) CFO but not capable of filling Chairman's role even over a short term--- what does this tell us about "bench strength" of our senior management ?

Hire from outside CVX (remember when Sam Laidlaw was considered a viable CEO candidate when brought in from outside the Company), if necessary

This whole scenario smells :)

This would so break the Chevron higher management sacrosanct tradition - CEOs and EVPs retire at 65. Stunning. One thing you can extract from this, I always said that MW, in vain seppuku tradition, would retire rather than reduce the dividend, so you can be sure the dividend is safe for the time being (and will continue to increase and bleed badly needed Capex).

I know someone with access to the BOD meeting minutes. Apparently one option discussed was an extension to age 75!!!

Chevron leaders used to be a vault. Nothing was ever leaked by accident. Now the BOD is spilling inside info. Incredible!!! Employees can do the same I guess.

Unbelievable hypocrisy. It's an unwritten rule at Chevron (and has been for decades) that the higher the position, the more effort that's put in to 'groom' a clone (oops, I meant 'successor'). "...additional time to prepare a successor..." means two things: 1) No one in the current management diversity pool is the least bit capable; and 2) MW and diversity cronies MAY break tradition and consider hiring someone from the outside who fits the diversity needs. Maybe they'll ask Satya at Microsoft for advice.

MW is not “Wirth” it. Turn 65 and you’re out, sir.

I feel with an announcement/leak like this...RM has completely failed as head of HR. Is this not her primary job?

I guess that town hall scared the board as much as it did the rest of us with those lackluster performances by the underlings.

this has happened in many big countries…

Idi Amin, Kim Jong-Un, J. Edgar Hoover, and Mayor Daley of Chicago all also 'extended' their roles beyond normal service. Jimmy Hoffa tried. MW, retire at 65 just as all your predecessors have.

Yes, a page from the book of Putin.

We have a dictator LOL

Change the CEO’s term limitation, but keep a clause in the rule change that says the CEO will have to retain his position by shareholder majority proxy vote every year after he/she is age 65.

If you want to change the rules, that’s fine, but don’t change them to benefit any one particular person who could benefit now. Lengthen the term for CEO if you want, but make the rule change effective for the successor or let it go into effect starting 15 years from when the rule is enacted. That way, the employees and stockholders will know for sure you’re not favoring the incumbent CEO.