Chevron Corp. Chief Executive John Watson is planning to step down, according to a report Tuesday in The Wall Street Journal, citing people familiar with the matter. The transition is expected to be announced next month, and the leading candidate to replace Watson is Michael Wirth, the report said, citing Wirth's experience in running refining plants as welcomed amid lower oil prices. Wirth was named Chevron's vice chairman in February, before serving as vice president of midstream and development and in other roles in the company, which he joined in 1982, according to Chevron's website. Watson has been CEO and board chairman since 2010, and joined Chevron in 1980, according to the company's website. Shares of Chevron rose 0.8% on Tuesday, alongside most energy companies. The stock has lost 9.7% this year, versus gains of 9.4% for the S&P 500 Index.
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