Chevron Names New Finance Chief in Management Shuffle -- Update
February 04 2019 - 7:47PM
Dow Jones News
By Ezequiel Minaya
Chevron Corp. on Monday named Pierre Breber as chief financial
officer amid a shift of senior executives.
Mr. Breber, who currently serves as executive vice president of
downstream and chemicals, succeeds Patricia Yarrington, a 38-year
veteran of the energy giant. Ms. Yarrington, who rose to the CFO
position in 2009, is retiring, the company said. Mr. Breber begins
his new post April 1.
Mr. Breber joined Chevron in 1989. Before his current position,
he served in various roles, including president and treasurer, as
well as executive vice president of gas and midstream.
"Pierre is uniquely qualified to be our next CFO, having served
in senior finance roles and also in operating roles across our
downstream, midstream and upstream businesses," Michael Wirth,
Chevron's chief executive, said in a prepared statement. "Pierre's
deep financial background and broad knowledge of our operations
will be valuable in ensuring we remain financially strong and
create lasting shareholder value."
Ms. Yarrington joined Chevron in 1980 as a financial analyst and
rose through the ranks, with roles that included investor
relations, strategic planning and vice president of policy,
government and public affairs, according to the company's website.
She also served on the San Francisco Federal Reserve's board of
directors from 2009 to 2014, with a stint as chairman in 2013 and
2014.
Ms. Yarrington's retirement is the second notable departure from
the company's top leadership in as many years. John Watson, the
former CEO of Chevron who retired last year, joined the company in
the same year and same position as Ms. Yarrington. Mr. Watson was
replaced by Mr. Wirth, who joined the company in 1982.
In other moves, Chevron said that Mark Nelson would replace Mr.
Breber as executive vice president of downstream and chemicals.
Colin Parfitt will take over Mr. Nelson's current position, vice
president of midstream. Both appointments are effective March
1.
In 2018, the company reported $14.8 billion in earnings, up from
$9.2 billion the previous year. Last year, Chevron production set a
company record of about 2.9 million barrels a day, including new
output from giant natural-gas export projects in Australia and
increased production in North America.
The CFO announcement was made after regular trading on the New
York Stock Exchange. Chevron shares closed at $119.74, up 1.2%.
Shares were unchanged in after-hours trading.
Write to Ezequiel Minaya at ezequiel.minaya@wsj.com
(END) Dow Jones Newswires
February 04, 2019 19:32 ET (00:32 GMT)
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