Home / Markets / Industries / Energy
Wednesday, September 30, 2009
Chevron's O'Reilly to Retire, Watson Named CEO
By Ken Sweet
FOXBusiness
Chevron Chairman and CEO David O'Reilly will end his 41-year career with the oil giant at the end of this year, the company said Wednesday. He will be replaced by longtime oil executive and company vice chairman John Watson.
The retirement of 62-year-old O'Reilly, who has been the head of Chevron (CVX) for 10 years, was somewhat unexpected. O'Reilly was three years away from the company's mandatory age of 65.
The 52-year-old Watson comes into the CEO role after nearly 20 years with the company, taking on several roles inside the company include corporate strategy, development and exploration. In 2000, Watson was involved with integrating Chevron in its merger with Texaco.
"Not only has [Watson] established himself as a proven leader, but his unique mix of corporate and operational experience combined with his strategic vision makes him ideally suited to be our next chairman and CEO," said O'Reilly in a statement.
O'Reilly tenure as CEO of Chevron was marked with enormous growth in both the company and the industry in general. Chevron is now the second-largest oil company in the U.S., surpassed only by Exxon Mobil (XOM), and was recently added back to the Dow Jones Industrial Average.
Fox Business Video
-
-
The Crisis With 20/20 Hindsight
-
Nov 21, 2009
FOXBusiness.com LIVE
-
-
-
Jerry Rice Talks Career
-
Nov 21, 2009
NFL Receiver on career on the gridiron
-
-
-
John O'Hurley as Venture Capitalist
-
Nov 21, 2009
Comedian on life as venture capitalist
-
-
-
Excess Spending in Congress
-
Nov 21, 2009
Saving $100 Million
-
-
-
Cavuto Business Report 11-20-09
-
Nov 21, 2009
Business Report: Cavuto
-
