Just as Kellogg announced a new CEO, so did Chevron. John Watson is retiring from the oil company after 37 years, and he's replaced by an insider, Michael Wirth. Wirth also has a long history with Chevron: he started in 1982 and worked his way up through the executive ranks.
In the press release, Chevron compliments Watson's contributions to the company, providing a quotation from the lead of the board of directors and this statement from incoming CEO Wirth:
"Under John’s leadership, we’ve developed legacy assets in Kazakhstan, Australia and the Permian Basin that will underpin our portfolio for decades to come. John will also be remembered for his plain-spoken and principled views on company business and energy policy matters."
Wirth's experience in refining now matches that of leaders of Chevron's competitors, Total and Royal Dutch Shell. Company shares rose slightly on the news.
- Compare Chevron's announcement with Kellogg's. What differences do you notice, and what could account for those differences?
- How well does the Chevron press release acknowledge Watson's history?