Chevron Corp (CVX) has released an update to notify the public and investors about its officers.
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On January 31, 2024, Chevron’s Board of Directors reviewed and adjusted the executive compensation. The CEO’s base salary was increased by $50,000 to $1,900,000, while other named executive officers received increases, except the CFO due to his expected retirement. No changes were made to their Chevron Incentive Plan target percentages. Equity awards were approved under the 2022 Long-Term Incentive Plan with significant target values, comprising performance shares, restricted stock units, and stock options vesting over three years with specific performance criteria. Changes to the LTIP were also made, affecting stock options and performance share payouts upon executive termination under certain conditions.
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For a comprehensive understanding of the announcement, you can read the full document here.