Chevron Corp: elects new chief financial officer

What happened

• Chevron Corp filed an 8-K reporting that on Sep 30, 2026 the board approved certain officer elections. The board elected Jeff B. Gustavson to the position of chief financial officer, effective Jan 1, 2027. The filing also reports that Mark A. Nelson will remain vice chairman with responsibility for Strategy and Business Development and will no longer serve as Executive Vice President, Oil, Products & Gas, and that Eimear P. Bonner will become President, Oil, Products & Gas and will no longer serve as chief financial officer, each effective Jan 1, 2027.

Key details

• Jeff B. Gustavson, age 54, joined Chevron in 1999 and currently serves as President, New Energies since Aug 2021.
• The non-employee directors ratified an annual base salary for Mr. Gustavson of $1,000,000, effective Jan 1, 2027, and a target bonus percentage under the Chevron Incentive Plan of 110%, effective Jan 1, 2027.
• Mr. Gustavson’s prior roles include Vice President of Chevron North America Exploration and Production Company from Feb 2018 to Jul 2021 and President of Chevron Canada Limited before that.

Why it may matter

• This Form 8-K reports Item 5.02, departure of directors or certain officers and election of directors, which covers the board-approved officer elections and the appointment of a new chief financial officer. The filing does not show why the insider traded or why the company acted.