Chevron CEOs normally plan for ten year stints. The current one, if replaced as rumored, will be cut short by three years. Any idea why? Performance has turned around rather nicely via cost cutting and asset sales. Health issue? Dispute with board? Gorgon accountability? Shareholder issues? Job waiting in Washington? What do we know?
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its cause SWAT wants to cash out like pretty much all the other execs. practically all of his options and stock awards vest once he retires. plus with all of his worth tied up in CVX stock, he probably wants to diversify away given some of the headwinds facing the industry. who knows, maybe all the teslas roaming around HQ nowadays scares the jeebus out of him and foreshadows the culling to come.
but lets face it. SWAT did exactly what the institutional investors wanted. keep the dividend flowing and try to keep the business and stock price afloat. so now they going to reward him after years of obedience.
but SWAT will be sorely missed, especially by the board. a little bird from the top floor of building A told me that SWAT could last hours on his knees and had a throat like velvet.
"a brazen tax fraud program in Australia" is also another blatant fabrication. No tax fraud there to be found and no additional costs or taxes to be paid that weren't there already. Get your facts straight and quit propagating false rumors.
"bribes in the Ecuador case"... load of nonsense! There was no case there from the start so no reason to pay bribes.
It was reportex earlier this year that JW approved the payment of bribes in the Ecuador case, and oversaw a brazen tax fraud program in Australia that will cost the company billions.
He s---ed! his personal bonus was weighted on share holder return so maintaining dividend was paramount. Short term rewards were was more important than realizing o&g is a long term business. Layofff good people and fire sale valued assets. Add to the fact we had 2 mega projects (Gorgon and Wheatstone) drawing major capital JW had no long game. But what do you expect when you put a finace guy with no operational or project experience at the helm. His foundational knowledge was lacking for running a technical concern
The board hires and fires the CEO...ask them
The $10 ban Australia tax fraud probably didn't help his case either. Who goes to jail over that one?
Here's the issue the board needs to be replaced as well. They all voted to make these decisions too. They all need to be given their walking papers. I'm a stakeholder and I want a vote put out on hiring new people. Preferably 27 psg and above. As long as you have these people in place these politics and decisions will not change. Like a previous poster has put it. They need to gut the whole lot of them. For once we the people Chevron need to have a say. Not sure how this can occur. Whether you take them to court or put an injunction in place to inhibit them from making anymore decisions. This is serious. We have people that have their whole retirement with Chevron. When does this stop and how can we stop it. There has to be a way.
Assuming he sticks around until January, JSW will have put in eight years as CEO. Still, I have heard that certain board members are unhappy with the way he let Upstream spend money like drunken sailors on Gorgon and other projects when oil prices were >$100 barrel. I think the Board was ready to make a change and encouraged John to transition out a year or two earlier than the original plan.