Chevron Names New Energies Chief Gustavson as CFO in Sweeping Leadership Reshuffle Taking Effect January 2027

Chevron announced a broad leadership reshuffle on October 5, with the board electing Jeff Gustavson, currently president of New Energies, as chief financial officer effective January 1, 2027. The move was formally approved by the board on September 30, 2026.

Gustavson, 54, will replace Eimear Bonner, who has served as CFO since March 2024 and was previously Chevron's chief technology officer. Bonner will move into the role of President, Oil, Products and Gas, taking over operational responsibility for Chevron's core upstream and downstream business. Mark Nelson, currently Vice Chairman and Executive Vice President of Oil, Products and Gas, will step back from that operational role and instead focus on Strategy and Business Development while retaining his Vice Chairman title. The reshuffle also reassigns responsibilities to an executive identified as Gros.

The changes place a seasoned operator in charge of the company's most critical division while bringing a New Energies executive into the CFO seat, a combination analysts have linked to potential CEO succession planning under chief executive Mike Wirth. The moves come as Chevron has been working to simplify its organizational structure and cut costs, with the company having previously targeted workforce reductions of up to 20 percent of its global headcount by end of 2026. All changes take effect January 1, 2027.