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Ensuring continuity during a volatile period for the oil and gas industry, Chevron has decided to waive the mandatory retirement age of 65 for its chief executive, Mike Wirth. Wirth, who will turn 63 later this year, has been leading the company since 2018.
The announcement came alongside Chevron’s second-quarter profits of $6 billion, slightly lower than the previous quarter but exceeding Wall Street expectations.
Wirth expressed his excitement to continue leading Chevron, citing the company’s strong business momentum and ability to deliver good results in a challenging environment. He emphasized the need for continuity and flexibility within the executive team, considering the company’s past experiences, acquisitions, and ongoing work.
Chevron’s decision to abandon the mandatory retirement age aligns with a trend seen on Wall Street, where older executives are increasingly staying in their positions for longer. Executives like Jamie Dimon of JPMorgan, Brian Moynihan of Bank of America, and Larry Fink of BlackRock have all indicated their intent to continue in their roles beyond the traditional retirement age.
Wirth’s extended tenure comes after Chevron achieved record profits of over $35 billion in 2022. During his leadership, the company has prioritized shareholder returns, returning over $70 billion. Additionally, Chevron has made notable acquisitions worth a combined $14 billion and has demonstrated strategic decision-making, such as withdrawing from the Anadarko Petroleum takeover bid.
Chevron also announced that Pierre Breber, its chief financial officer, will retire next March after a 35-year career at the company. Eimear Bonner, Chevron’s current chief technology officer and former leader of its Tengizchevroil joint venture in Kazakhstan, will succeed him.
Wirth praised Bonner’s leadership capabilities and understanding of the financial aspect of the business, highlighting her successful management of complex businesses like the affiliate in Kazakhstan.
While reporting second-quarter earnings of $6 billion, Chevron expressed satisfaction with the results. The figure, although lower than the previous quarter and the same period last year, exceeded Wall Street estimates. The company will provide a comprehensive report of its second-quarter earnings on Friday, along with ExxonMobil.
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