In a surprise news report late last month, Chevron (NYSE: CVX) CEO John Watson is expected to step down as Chief Executive Officer in the near future, according to a Wall Street Journal report.1
While a replacement has not yet been announced, The Journal suggests that Michael Wirth, an experience oil refining specialist, is a favorite for the top job. Supporters of Wirth expect his leadership will help the company further cut downstream costs.2
Watson’s Tenure Not Without Controversy
Watson’s critics cite that since taking the reigns, he made no major acquisitions, faced fierce cost overruns at two Australian LNG sites, and resorted to job cuts, assets sales and borrowing to prop up the company’s dividend.1,2
What Might Happen If Watson Does Step Down?
It’s my opinion that shake-ups at large oil producers like Chevron may not present much of a disruption in company operations – especially when the replacement is someone who has a strong history with the company and is familiar with it’s culture.
This story is developing, and it’s important to note that no official announcement has been made by Chevron’s Top Brass. But as we learn of new developments, we’ll let you know. If you are not already on our mailing list, please sign up for our mailing list below.
Our firm has assisted over 600 of your Chevron friends and colleagues retire from the company. If you would like to learn more about how we can help you prepare for retirement, please call me at (800) 236-9549, visit our Chevron Retiree’s website at www.PetroPensions.com, or email me today. Our meetings are objective and confidential.