By Chris Wack
Chevron Corp. is simplifying its organizational structure and making management changes, the company announced on Thursday.
The changes aim to strengthen execution and pace to achieve goals such as higher yields and lower carbon, the company said.
Starting Oct. 1, the company plans to consolidate its upstream, midstream and downstream business segments under a new executive vice president of oil, products and gas, who would oversee the entire value chain.
Nigel Hearne has been appointed to lead the Oil, Products and Gas business.
As part of this change, Chevron plans to consolidate its two Upstream regions in Americas Exploration & Production and International Exploration & Production. Clay Neff was named president of International Exploration & Production and Bruce Niemeyer was named president of Americas Exploration & Production.
The company is also organizing its strategy and sustainability, corporate affairs and business development functions under a new executive vice president of strategy, policy and development. The company has appointed Mark Nelson to this role, she said.
Chevron has also named Balaji Krishnamurthy as vice president of strategy and sustainability.
The changes build on the company’s enterprise-wide transformation in 2020, which it says has produced better operational and financial results. The new leadership structure should enable a more integrated approach to capital allocation, asset class excellence and value chain optimization, and utilize more effective external engagement and impact on the business development.
Write to Chris Wack at [email protected]