Chevron beats profit expectations, announces CFO transition

Chevron (NYSE:) reported preliminary Q2 results on Sunday, in addition to management changes.

The company reported earnings of $6 billion and adjusted earnings of $5.8 billion. came in at $3.08, topping the expected $2.98.

Separately, the company said that it waived the mandatory retirement age provision for the Chairman and Chief Executive Officer, Mike Wirth. Moreover, long-time CFO Pierre Breber will step down on March 1, 2024.

“Pierre is a world class finance executive and has been an outstanding business leader throughout his career at Chevron,” Wirth said.

Eimear Bonner, currently vice president and chief technology officer and president of the Chevron Technical Center, will succeed Breber as chief financial officer.

“Eimear has a proven track record leading large, complex organizations. I am confident that her deep business expertise and engaging leadership approach will enable her to build upon Chevron’s strong foundation and drive further value for shareholders,” Wirth said.