Summary by Moomoo AI
On January 31, 2024, Chevron Corporation conducted its annual executive compensation review, resulting in salary increases for certain executives and the approval of equity awards under the 2022 Long-Term Incentive Plan (LTIP). Chevron's CEO, Michael K. Wirth, received a base salary increase to $1,900,000, while Vice Chairman Mark A. Nelson and Vice President and General Counsel R. Hewitt Pate also saw salary increases. Vice President and CFO Pierre R. Breber's salary remained unchanged in anticipation of his retirement. The Board approved equity grant target values for the executives, with Mr. Wirth receiving $17,500,000. The equity awards, effective from February 6, 2024, include performance shares, restricted stock units, and stock options, with vesting terms and performance criteria detailed in the announcement. The performance shares are contingent on Chevron's relative Total Shareholder Return and Return on Capital Employed compared to a peer group. The announcement also noted that new forms of award agreements under the 2022 LTIP have been approved for future executive officer and employee awards.