Chevron names Jeff B. Gustavson chief financial officer effective January 1, 2027

Chevron's board approved a set of officer changes on September 30, 2026, effective January 1, 2027. The board elected Jeff B. Gustavson to the position of chief financial officer. Chevron said he will serve as the company's principal financial officer.

Chevron said Mark A. Nelson will remain Vice Chairman with added responsibility for Strategy and Business Development, and will no longer serve as Executive Vice President, Oil, Products & Gas. Chevron said Eimear P. Bonner, currently chief financial officer, will become President, Oil, Products & Gas, and will no longer serve as chief financial officer.

Gustavson, 54, joined Chevron in 1999 and has served as President, New Energies, since August 2021. From February 2018 to July 2021, he was Vice President of Chevron North America Exploration and Production Company, a division of Chevron U.S.A. Inc., an indirect wholly owned subsidiary of Chevron.

The non-employee directors ratified a decision by the Management Compensation Committee to pay Gustavson an annual base salary of $1 million, effective January 1, 2027. Chevron said his target bonus percentage under the Chevron Incentive Plan will be 110% on the same date.