CVX Chevron Corporation

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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