---
schema_version: "secwatch.filing_event.v1"
accession: "0000093410-23-000005"
form_type: "8-K"
ticker: "CVX"
cik: "0000093410"
company_name: "CHEVRON CORP"
filed_at: "2023-01-27T23:59:59+00:00"
generated_at: "2026-06-20T07:39:41.185176+00:00"
event_type: "other_material"
sentiment: "neutral"
materiality_score: 0.3
calibrated_materiality_score: 0.3
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0000093410-23-000005
- form_type: 8-K
- ticker: CVX
- cik: 0000093410
- company_name: CHEVRON CORP
- filed_at: 2023-01-27T23:59:59+00:00
- event_type: other_material
- sentiment: neutral
- materiality_score: 0.3
- calibrated_materiality_score: 0.3
- confidence: high
- sec_items: 5.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/93410/000009341023000005/0000093410-23-000005-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/93410/000009341023000005/cvx-20230124.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000093410-23-000005
- JSON: https://secwatch.observer/filing/0000093410-23-000005.json
- Plain text: https://secwatch.observer/filing/0000093410-23-000005.txt

## Key facts
- Executive change
  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
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/93410/000009341023000005/0000093410-23-000005-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.