Chevron raises base pay of CEO, top execs for 2023

Jan 27 (Reuters) – Chevron Corp is raising the base salaries of top boss Michael Wirth and two other senior executives for 2023, according to a company filing on Friday.

The U.S. oil giant’s independent board of directors have approved an 8.8% hike to Wirth’s annual salary to $1.85 million, while Chief Financial Officer Pierre Breber’s annual base salary will increase by $75,000 to $1.15 million.

Writh, who has spent nearly four decades with Chevron, received an annual base salary of $1.7 million in 2022, up $50,000 from 2020. There was no change announced in 2021.

News of the pay hikes comes hours after the company reported a record profit of $36.5 billion for 2022, although the figure fell shy of Wall Street targets, sending its shares down 4.2% at the close. (Reporting by Arshreet Singh; Editing by Devika Syamnath)

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