Chevron's Board of Directors has approved new compensation arrangements for its top executives, including increased base salaries effective March 1, 2026, and significant new equity awards. Chairman and CEO Michael K. Wirth will receive a salary increase to $1.975 million and an equity award valued at $23 million.
Key Details
- Executive Salary Increases: Effective March 1, 2026, CEO Michael K. Wirth's annual base salary will increase by $75,000 to $1,975,000. Other named executives, including the CFO and CLO, also received salary increases.
- 2026 Equity Awards: The Board approved an equity grant award for CEO Michael K. Wirth valued at $23,000,000. Other named executives received awards ranging from $5.1 million to $8.5 million. The awards consist of 50% performance shares and 50% restricted stock units, granted on February 1, 2026.
- Incentive Plan: Target bonus percentages under the Chevron Incentive Plan (CIP) for 2026 remain unchanged for all named executive officers, with the CEO's target at 165% of base salary.