Chevron CFO Eimear Bonner built a 20-plus-year career at the company. Now she’ll run its core business

Chevron has reorganized its leadership, appointing CFO Eimear Bonner as president of its core oil, products, and gas business starting January 1. Jeff Gustavson, who served as president of new energies, will take on the CFO role. Bonner's career at Chevron has been diverse, beginning as an offshore petroleum engineer in the UK in 1998 and progressing to engineering, operating, and strategy positions before becoming the first female chief technology officer in 2021.

As president, she will oversee safe and reliable operations, disciplined capital allocation, asset-class excellence, and value-chain optimization. Chevron's board states that they have a strong leadership team and a deep bench of experienced executives ready to lead the company. Bonner's career progression, which includes assignments in technology and finance, has been described as a "perfect script" for CEO development by Scott W. Simmons, co-managing partner at Crist Kolder Associates.

Chevron is currently facing the challenge of turning its scale into higher returns, with the company reporting $12.1 billion in earnings and a 21% return on capital employed in the second quarter. Morningstar analyst Allen Good expects Chevron to target higher returns and greater free cash flow through 2030, which will require operational improvements, margin expansion, and cost reductions.