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Chevron Will Split Chief And Chairman JobsThe Chevron Corporation announced yesterday that it would separate the positions of chief executive and board chairman and make it easier for shareholders to remove directors. The chairman will now be elected annually by the board, the company, based in San Ramon, Calif., said in a public filing. Previously, the oil producers chief executive automatically occupied the role of chairman. David J. OReilly, 60, has held both positions since January 2000. During his tenure, Chevron stock delivered annual average returns of 11 percent, assuming reinvestment of dividends. The decision to split the top jobs was approved by the 13-member board at a Jan. 31 meeting, the filing said. Chevrons board also changed voting rules so that directors in uncontested elections require more yes than no votes, excluding abstentions, to retain their seats. Under the old plurality system, investors choices were limited to voting yes or withholding their votes. Chevron said last week that fourth-quarter profit fell 9 percent, to $3.77 billion, after energy prices and production declined. The drop ended a streak of profit gains that began in July 2005. Mr. OReilly missed his own 2006 production forecast and told investors output would decline this year because of contract changes in Venezuela and construction delays in central Asia. The vice chairman, Peter J. Robertson, 60, was promoted to the new position of office of the chairman in December 2004, a move that investors like Timothy M. Ghriskey of Solaris Investment Management said made Mr. Robertson the heir apparent to Mr. OReilly. The companys mandatory retirement age for employee directors is 65. Tag CloudExternal InformationAdditional InformationAnticipating the Upside in Housing...It’s Splitsville for Rupert and Hillary... Nissan Will Offer Buyouts... ASIC’s record of alerts on Fincorp... Where Am I?News Main Page - Business - Chevron Will Split Chief And Chairman Jobs |
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