Chevron announces CFO and leadership changes

Chevron (CVX) has announced a significant leadership reshuffle that will take effect on January 1, 2027. The company is reorganizing key executive roles spanning its finance function, core oil and gas operations, and corporate strategy. The moves adjust responsibilities among senior leaders while keeping the existing vice chairman in place.

At the center of the changes is the appointment of Jeff Gustavson, currently president of Chevron’s New Energies unit, as the company’s next chief financial officer. His promotion shifts leadership of the finance organization from the existing CFO to an executive with experience in Chevron’s low‑carbon and new energy activities.

Gustavson’s new role as CFO will formally begin on January 1, 2027. As president of Chevron’s New Energies business, he has overseen initiatives focused on emerging energy areas. Moving him into the chief financial officer position ties the company’s financial leadership directly to an executive with a background in that business.

The appointment places Gustavson in charge of Chevron’s financial management and reporting at a time when the company continues to balance its traditional oil and gas activities with newer energy ventures. His shift out of New Energies will also open space for changes in leadership within that unit, though no further appointments were specified in the provided information.

Current chief financial officer Eimear Bonner will transition to lead Chevron’s Oil, Products & Gas division. In this role she will head the business that includes the company’s oil, gas and products operations. The move shifts her focus from overseeing companywide finances to directly running a major operating division.

By assigning Bonner to Oil, Products & Gas, Chevron is placing an experienced senior leader at the helm of its core hydrocarbon and products activities. The change forms part of the broader realignment of responsibilities among the top executive team announced alongside the CFO succession.

As part of the reshuffle, Mark Nelson will remain vice chairman of Chevron. In addition to retaining that position, he will take responsibility for strategy and business development. This consolidates oversight of corporate strategy and growth initiatives under the vice chairman role.

Placing strategy and business development with the vice chairman adds another defined element to the new leadership structure. Together with the CFO change and Bonner’s move to lead Oil, Products & Gas, the updated roles clarify how Chevron’s senior team will be organized from the beginning of 2027.