Chevron Corp.’s board has waived its mandatory retirement age to keep CEO Mike Wirth as leader of the company, the company said July 23 in a press release that announced other personnel moves, including the retirement of the company's CFO.

Chevron, one of the largest oil and natural gas producers in the Permian Basin, made the announcement on July 23. Wirth, who at 62 is also chairman of the board, would have reached the company’s required retirement age in 2025. Wirth has been with the California supermajor since 1998 and has been CEO since 2018.

Retaining Wirth will help the company map out its future leadership structure, an analyst said.

“Wirth remains a strong leader and the time allows for [Chevron] to optimize succession plans,” according the analysis of the New York-based TD Cowen. The analyst noted that said that Wirth’s continued service signals that the new CFO will not bring changes to Chevron’s strategy.

Chevron also announced that its vice president and chief technology officer, Eimear Bonner, a 24-year veteran with Chevron, will be promoted to CFO to replace Pierre Breber who will retire in 2024.  

In a statement released by Chevron, Wanda Austin, lead director of the board, praised Wirth’s leadership.

“Chevron’s Board regularly reviews its long-term succession plans, and concluded it has the right leader and strategy in place to continue the company’s successful trajectory. Mike has done an extraordinary job leading Chevron in a dynamic environment and delivering outstanding financial and operational results. We look forward to his continued leadership,” her statement said.

Wirth expressed appreciation for the board’s continued confidence in his leadership.

“I appreciate the board’s support for the strategy and the executive team we have put in place and am proud of the progress Chevron has made to safely deliver higher returns and lower carbon,” he said in the statement. “We remain committed to responsible energy leadership as we adapt to an evolving landscape.”

Wirth is chairman of the board of the American Petroleum Institute.

Before becoming CEO in 2018, he served for two years as executive vice president of midstream and development, overseeing the company’s shipping, supply and trading, and pipeline and power operating units.