Chevron CEO’s Pay Rose 12% to $26.5 Million Last Year on Pension

(Bloomberg) -- Chevron Corp. Chief Executive Officer Mike Wirth’s pay jumped 12% to $26.5 million last year, mainly due to a change in the value of his pension, even as the stock underperformed rivals.

Wirth received a higher salary and stock awards but it was the pension change that primarily helped bump up his earnings compared with the previous year, Chevron said in a its proxy statement Wednesday. The CEO’s non-equity incentive plan compensation dropped 42% to $2.6 million.

Chevron underperformed its Big Oil rivals in 2023 after facing refinery disruptions, production setbacks in the Permian Basin in the first half of the year and delays to its Tengiz project in Kazakhstan. Outgoing Chief Financial Officer Pierre Breber urged staff to “do better” in an email at the end of 2023. 

©2024 Bloomberg L.P.