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Chevron CEO Watson to step down, Wirth likely successor: source

The move would copy rival Exxon Mobil Corp, which earlier this year named refining expert Darren Woods as its own CEO, a step widely seen as prioritizing cash generation to protect payouts to shareholders above pricy exploration projects.

Former Exxon CEO Rex Tillerson, for example, bought natural gas producer XTO Energy during his tenure and rapidly expanded into Qatar's LNG sector.

Watson, who has five years remaining before he hits Chevron's mandatory retirement age of 65, stuck to projects already in the planning stages when he became CEO in January 2010, rather than coming up with new deal or expansion ideas.

"It would be hard to sit there and say that John Watson did a bad job as CEO," said Oliver Pursche of wealth manager Bruderman Brothers LLC, which holds shares in the company.

Watson, an economist by training, rose through the company's ranks, served as its chief financial officer, and earlier oversaw the integration of Texaco operations following the 2000 acquisition.

READ MORE (Yahoo Finance)

  • Chevron CEO John Watson plans to step downThe Australian
  • Chevron chief expected to step down after cost overrunsFinancial Times
  • Chevron CEO John Watson will step downSFGate
  • Chevron CEO John Watson to step down, Mike Wirth likely successor: ReportsFinancial Express
  • Chevron's CEO stepping down by end of next monthWashington Examiner
  • Meet Michael Wirth, the man who could soon lead ChevronCNBC
  • Chevron CEO John Watson reportedly plans to step downThe Mercury News
  • Chevron Chief John Watson Plans to Leave Next MonthSputnik International
  • Axios GenerateAxios

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Chevron CEO Watson to step down, Wirth likely successor: source


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