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Chevron CEO John Watson to step down: Report

Chevron chief executive officer John Watson will step down, according to The Wall Street Journal, with an official announcement expected next month. Unnamed sources told The Wall Street Journal a successor to Watson is yet to be finalized by Chevron’s board and could change.

Michael Wirth — Chevron’s vice chairman and an oil refining specialist — is the top pick to replace Watson, according to the report. Board members at Chevron see Wirth’s as having the necessary experience to cut costs at large processing plants, The Wall Street Journal reported. The company’s directors are seeking a chief executive who will streamline Chevron’s operations in the current, comparatively low-priced oil market.

Shares of Chevron popped as high as $106.92 on the news, before trading up 0.5 percent at $106.25.

Chevron shares intraday

Source: FactSet

Read more from The Wall Street Journal.

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