Chevron 8-K: Gustavson to replace Bonner as CFO on January 1 on a $1 million salary
Chevron's board approved a swap at the top of its finance and refining operations: its CFO moves to run Oil, Products & Gas, and the head of New Energies takes over the numbers.
Chevron (NYSE: CVX) disclosed in a Form 8-K filed Monday that its board approved a set of officer changes on September 30, all effective January 1, 2027. The filing is under Item 5.02, the section for departures and appointments of senior officers.
Who moves where
- Eimear Bonner, now chief financial officer, becomes President, Oil, Products & Gas, and stops being CFO.
- Jeff Gustavson, 54, becomes CFO and principal financial officer. He joined Chevron in 1999 and has been President, New Energies, since August 2021.
- Mark Nelson, now Vice Chairman and Executive Vice President, Oil, Products & Gas, stays Vice Chairman, taking responsibility for Strategy and Business Development. He gives up the Oil, Products & Gas executive role.
The 8-K says Gustavson's earlier jobs include Vice President of Chevron North America Exploration and Production's Mid-Continent Business Unit, President of Chevron Canada, and posts in finance, mergers and acquisitions, strategic planning, supply and trading, and investor relations.
The numbers in the filing
The only figures are pay. Non-employee directors ratified an annual base salary of $1,000,000 for Gustavson from January 1, 2027, with a bonus percentage under the Chevron Incentive Plan of 110%. By our arithmetic that is a bonus level of $1.1 million on that salary. The filing gives no pay figures for Bonner or Nelson.
What it tells you, and what it does not
The filing does not give a reason for the reshuffle, and Chevron's 8-K contains no comment on strategy, spending or earnings, so we will not supply one. What it does show is who will hold the two jobs closest to the money: the person who runs the company's oil, products and gas operations, and the person who reports its results. Both are internal moves, and the new CFO has run the New Energies unit that Chevron has to account for alongside its core business. The transition is more than three months away, so Bonner stays CFO through the fourth-quarter period.
Shares closed Monday at about $206.80, up 0.15%, according to Nasdaq quote data. The filing was dated October 5 for a board action on September 30, and we have not tied any price move to it.
Chevron's filings are on SEC EDGAR. For how oil prices are moving the sector, see our crude oil chart.
Sources: Chevron Form 8-K (SEC EDGAR, dated October 5, 2026); share price via Nasdaq. This is market information, not investment advice.
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