Chevron to Change Some Organizational, Leadership Structures

By Chris Wack

Chevron Corp. is simplifying its organizational structure and making senior leadership changes, the company said Thursday.

The changes are intended to strengthen execution and pace to deliver on objectives such as higher returns and reduced carbon, the company said.

Starting Oct. 1, the company expects to consolidate its Upstream, Midstream and Downstream business segments under a new executive vice president of Oil, Products & Gas, who would oversee the full value chain.

Nigel Hearne was named to lead Oil, Products & Gas.

As part of this change, Chevron plans to consolidate its two Upstream regions into Americas Exploration & Production and International Exploration & Production. Clay Neff was named president of International Exploration & Production and Bruce Niemeyer was named president of Americas Exploration & Production.

The company also is organizing its Strategy & Sustainability, Corporate Affairs and Business Development functions under a new executive vice president of Strategy, Policy & Development. The company named Mark Nelson to this position, it said.

Chevron also named Balaji Krishnamurthy as vice president of Strategy & Sustainability.

The changes build on the company's enterprise-wide transformation in 2020, which it said has produced improved operational and financial results. The new leadership structure is expected to enable a more integrated approach to capital allocation, asset class excellence and value chain optimization, and use more effective external engagement and business development impact.

Write to Chris Wack at [e-mail]

(END) Dow Jones Newswires

May 26, 2022 09:39 ET (13:39 GMT)

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