9/30/2009-Chevron (NYSE:CVX) board of directors has just announced that it appointed John S. Watson as its new chairman and CEO, effective December, 31. Watson, 52, is the company's current vice chairman, will succeed David J. O'Reilly, who will retire from the company and its board following 41 years of work, ten years of which was spent as chairman and CEO.

"Chevron is well positioned to enter the next chapter of its history and John's the right person to lead the company in the future," said O'Reilly, 62. "I am enormously proud of what we have achieved in recent years, and John has played a pivotal role in many of our most significant achievements. Not only has John established himself as a proven leader, but his unique mix of corporate and operational experience combined with his strategic vision makes him ideally suited to be our next chairman and CEO."

Watson said, "I am truly honored to follow Dave as chairman and CEO of Chevron and to lead one of the strongest management teams in our industry. Under Dave's leadership, we have built a project portfolio that is the envy of our industry, grown our profitability and moved our company to the forefront of our industry in safety and reliability. Dave will leave a lasting legacy as one of our industry's most impressive and pragmatic leaders."

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