From Breakingviews - Chevron’s CEO short-termism has benefits
FILE PHOTO: Michael Wirth, Chairman and CEO Chevron Corp, speaks during an interview on the floor of the New York Stock Exchange in New York City, U.S., March 1, 2022.focus on the near term under Chief Executive Mike Wirth is serving it just fine. That helps explain why the $330 billion oil giant is considering extending his contract beyond mandatory retirement age, according to the Wall Street Journal. Such a move would suggest Chevron doesn’t plan to pivot beyond fossil fuels anytime soon.
Wirth faces mandatory retirement in 2025 when he turns 65, a stipulation that was in place when the company appointed him to be CEO in 2018. Such tools are typically used to deal with the risk of the leader developing health issues or eventually entrenching themselves. More recently, though, companies have become more comfortable with age. The average CEO in the S&P 500 IndexBased on performance, Wirth has done a fine job.
splashed out $38 billion. A year later, after oil prices had fallen by a third, Wirth launched a deal to buy Noble Energy on the cheap.
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