Chevron approves 2023 executive compensation: CEO salary $1.85M, equity grants awarded

CHEVRON CORP

CEO Wirth base salary increased $150K to $1.85M; CFO Breber up $75K to $1.15M; Nelson up $100K to $1.2M.
CEO bonus target unchanged at 165%; CFO at 110%; Nelson raised to 120% due to new Vice Chairman role.
Equity grants: CEO received 47,460 performance shares, 92,800 stock options, 23,730 RSUs; option exercise price $179.08.
Performance shares vest over 3 years based on TSR (70% weight) vs BP, Exxon, Shell, Total, S&P 500; ROCE improvement (30%).
Mr. Johnson (EVP) gets no salary change, no CIP award or equity due to upcoming separation from Chevron.

item 5.02 item 9.01

Executive movements

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Role change

Mark A. Nelson

Vice Chairman and Executive Vice President, Strategy, Policy and Development

CVX · CHEVRON CORP

Effective: 2023-02-01
Filed: January 27, 2023, 6:59 PM ET

due to his election by the Board to a new corporate officer role, Vice Chairman, in addition to Executive Vice President, Strategy, Policy and Development, effective February 1, 2023.

Key facts

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Executive change SEC 8-K Item 5.02 confidence 0.95

Mark A. Nelson was elected as Vice Chairman and Executive Vice President, Strategy, Policy and Development at CHEVRON CORP.

Action: elected
Role: Vice Chairman and Executive Vice President, Strategy, Policy and Development

Exact text from the filing

due to his election by the Board to a new corporate officer role, Vice Chairman, in addition to Executive Vice President, Strategy, Policy and Development, effective February 1, 2023.

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CHEVRON CORP filing history →

Source: SEC EDGAR

accession 0000093410-23-000005

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