Nigel is sounding very CEOish. Can’t wait for him to run the company.
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Well said @brwk, you nailed it……..
Once you are earning a couple million dollars per year plus some fabulous stock options, it is hard to give up. Most stay until age 65. Those who leave early either 1) have health problems or 2) get cross-threaded with someone higher up and are facing a sideways demotion so they retire to save face. Although, there have been some hysterical examples of #2 where they took the slap, fell off the management ladder and just stuck it out in an advisory or technical role (e.g. former ABU MD, former Brazil CM, former LABU MD, etc).
Look across Upstream at every business unit head………lots of folks hanging on to the very, very, bitter end…….Blockers…….but then look at what is behind them waiting in the shawdows……..disappointing the lack of leadership in the upstream as it has consistently promoted micromanagers and has a mold that you “have to look/act/talk” like your boss or you have no chance……..
DM will get an Opco Pres job, but that is it. He is old school tyranny at its best and a shame he’ll rise to that level but look at how thin the succession plan list is……..
Let’s hope they don’t EVER look to DM, that arrogant as$hat in KZ.
Company will need to look at their early to mid 40s leadership like She’ll recently did to find the next batch of ELT. There are several competent, plausible candidates in that group.
Interesting dilemma for Chevron. Chevron has always had a clean succession of hand-picked male career bureaucrats to be the next CEO. Given its leaning to be woke (and seeking the SF Chronicle's approval), we're painted into a corner to bring in a woman (EB is the only one available, and her 'leadership' stints at CTC and Tengiz have been rather underwhelming), and there are no non-Caucasians even remotely in sight. (Please, don't bring up RM, who is just a token EVP.) Hence why BOD is willing to break 140 years of Chevron tradition and keep a CEO in place beyond 65.
Nigel is not the CEO for us. Frankly, I cannot honestly think of anyone in our upper echelon who would be a good fit. It seems to me we would be better off going outside of Chevron to find the right person to take MW’s place as CEO to lead this company upwards.
Given we have seen nothing big come in the door from exploration in recent memory we almost have to find some new reserves through M&A or just fire sale everything and liquidate to shareholders through buybacks.
Another scenario………The BOD may finally be waking up and not settling for status quo for the next CEO……hence the need to extend MW so they can “figure it out”…..either through a very rigorous grooming program next 3-5 years or through a targeted M&A where they bring in the right person through that process.
Permian costs have recently risen one billion per year according to MW so cuts will be needed somewhere to offset that.
Board is already considering keeoing MW past 65 since there aren’t any successors. Doesn’t say much for “grooming”.
It could be Bozo the clown as long as it’s never BN.
MG will be RM's replacement when the day comes. She's clearly being groomed for it.
Never going to happen. Board wants to keep Mike in place until EB is ready to go. NH and MN lost out.
Awesome. Rooting for NH - Maybe he will rid us of BN
RM is not as good as her predecessor, but she is ok. She shouldn’t get all the fatality blame.
@1vlj,
Haha yea, that's a good question. The Chevron people who do nothing all day, which is a large percentage, post here like it's their pre-teen social media site. It makes perfect sense since the ones posting will be the first ones laid off. It's obvious if you look at the nature of the comments and level of grammar/spelling.
@1pwa+1
What on earth are you smoking. .. I doubt even RM thinks she is irreplaceable. The evil horrible raci*t culture prevelant throughout the company is all her doing
@1lyf, in Chevron's woke culture, RM would be replaced by a RM clone. Lots of those around.
Genuinely curious. Lots of RM comments, on this site. What does she do? I am not trolling, I really don't know.
RM is not replaceable. A once in a generation transcendent talent.
Who will replace RM? I don’t think HR has a ready candidate.
Will that affect layoffs or you're just posting it here?
NH is already 55 and if MW stays on 5+ years, he may be too old to become CEO as that position normally has a 10 year run. He will already have more money than god by then so pretty sure he will have a comfortable retirement.
NH and RM are besties. Also, culture has to do more with local teams and leadership than the CHRO
NH when you get into that seat....please please replace the head of HR so the company culture can recover.