…but oh my, no one is close to being read internally…. M&A to bring in the next CEO?
https://www.msn.com/en-us/money/other/chevron-ceo-wirth-says-in-succession-talks-with-board/ar-AA1S2fhC
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it is sad he has to now “talk” about this on air for the first time. He has to b/c the BOD is demanding he accelerate the succession plan and given the stock price has been pathetic………he is in effect finally getting forced out, but at Chevron speed - years…..
@kv LOL. Under his leadership Chevron has failed to keep pace with Exxon and other peers after 2022. The company’s overreliance on the Permian, lack of a transformational growth engine, poor execution, and reactive M&A posture has left it structurally disadvantaged. He protected the dividend but did not deliver competitive performance.
Upstream he has who he inherited from JJ. I think CN is underrated and pretty good.
Agree with you that MKW has been great for this company. The other tough decision he’s responsible for is pushing us to get lean. Cutting workforce will never be popular but is necessary if we want to lead. We were fat. We’re still husky.
His succession planning score is a D. Not having better upstream leadership in the senior exec ranks score is a D. Those are on him.
Name another major or a large independent with a better CEO. You won’t find one.
I hope stays longer.
Running a global company is not a popularity contest. He has made decisions that took courage. Moved CVX from CA to TX. Cut capital spending after a decade of waste. Took on fight with XOM. And beat them. Took on Trump to stay in VZ. Sold assets that others loved. Hired execs from outside CVX. Sent people like JJ and NH home early. Restructured globally to break the old model.
Easy thing is to do none of this. Each decison makes someone unhappy or angry. JW spent his whole tenure afraid to make decisions that GK or JJ would not like. I’m not saying every decision will turn out perfect, but give him credit for the guts to not care what everyone else will say about him.
I wish I had generational wealth
MW is a puppet nothing more and if you have not come to that conclusion yet, well, you are probably also unaware of what is occurring in this country.
@cp The news story I read stated the oil was from Iran. go figure!
@cn MW became CEO in early 2018, so the ten year mark is 2028. He will leave with generational wealth on the order of several hundred million.
He may get out of the way but there will be a 1000 others with limited know how who will get in your way, knowing only to do business with various levels of opex reduction 😉. There will never be a headline, even mildly close one, that will read "Chevron Unveils Carbon‑Negative Fuel Cell That Generates Power and Removes CO2 From the Air” to save our hapless as--s. so chill.
There has been no press that the oil on the seized tanker from Venezuela was likely produced by Chevron. Will MW have to issue a statement or is it best to stay silent?
says he can't see himself going much beyond 10 years. He will see the company sold and broken up by venture capitalists. The arrogance of this person is mind blowing
He is being very coy which tells me behind the scenes he is scrambling to stay as long as possible. He no doubt is slowing the progression of any threats to his Putinesque extended reign and this was why the board was challenging him.
“Year 10” will be 2028. Doesn’t sound like he will be stepping aside anytime soon, so it’s odd to me that it was even discussed with WSJ.