Chevron, Chief Financial Officer Eimear Bonner will become president of its oil, products and gas business, the company said on Monday.
Jeff Gustavson, currently president of Chevron’s new energies business, will succeed Bonner as CFO. Both moves are effective January 1.
The executive reshuffle comes as the second-largest US oil major is preparing for CEO Mike Wirth to hand over the reins. In December, Wirth said he was in discussions with the board about succession planning and did not expect to serve more than 10 years in the role.
Bonner and Gustavson are both seen as potential candidates for CEO, several investors have told Reuters. Wirth has led the company for more than eight years.
“Chevron maintains a robust succession planning process overseen by the board. We have strong leadership across the company and a deep bench of experienced executives prepared to lead the business,” a company spokesperson said.
The oil major also said Mark Nelson, currently head of the oil, products and gas business, will leave the role on January 1 but remain vice chairman and oversee strategy and business development.
The new appointments for Bonner and Gustavson are a “natural progression within Chevron that gets them both one step closer to being the potential successor,” said Mark Metz, a senior investment analyst for American Century Investments, which holds Chevron shares.
Bonner has increasingly represented the company in TV and conference appearances over the past year. Prior to becoming Chevron’s finance chief, she was the company’s first female chief technology officer and served as general director of Chevron’s joint venture, Tengizchevroil, which operates the largest oilfield in Kazakhstan.
As head of new energies, Gustavson oversaw the company’s first foray into powering data centers with natural gas.
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