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The board of Chevron (NYSE:CVX) is contemplating waiving the company’s mandatory retirement age for Chief Executive Mike Wirth, The Wall Street Journal reported on Monday, citing people familiar with the matter.
The move would allow Wirth to remain CEO for a more extended period, with some board members at the oil company stating that it doesn’t have an internal candidate ready to succeed Mr. Wirth.
The Chevron CEO will reach the company’s fixed retirement age of 65 in late 2025. However, the board believes additional time would allow him to prepare a successor.
The San Ramon, California company’s board also does not see a reason to push Mr. Wirth out when he has performed well.
Chevron’s board will need to undertake the years-long succession planning process during a time of significant geopolitical uncertainty, macroeconomic headwinds, and potential oil-market turbulence. In addition, there is political pressure from the U.S. and Europe to depend less on fossil fuels.
