Sept. 28 (UPI) — Chevron announced on Thursday that Michael K. Wirth was selected as its new chairman and chief executive officer.
Wirth is currently the company’s vice chairman of the board and executive vice president of midstream and development. He will succeed John S. Watson, who is to retire after 37 total years with Chevron and eight years as CEO, a press release from the company said.
Wirth will take over as CEO in February, the company said.
The newly-voted CEO joined Chevron as a design engineer in 1982 and advanced through the ranks of various construction and engineering positions and also served as president and vice president of multiple sectors of the company.
“Mike is a proven leader who is ideally suited to lead Chevron into the next chapter of our history,” said Watson about Wirth. “He has the right values, knowledge, and experience, and has established a strong record of accomplishment in his 35 years with the company.”
Wirth said he is honored by the confidence the board has placed in him.
“Chevron has a proud 138-year history of developing the energy that improves lives and powers the world forward,” Wirth said. “I am honored to have been selected to carry on that tradition.”
Mark A. Nelson will replace Wirth’s role in the company once the transition takes place.
Chevron shares traded up 0.14% to $117.61 on Thursday.