Chevron announced on Monday a key leadership restructuring that will take effect on January 1. Eimear Bonner, currently the company’s chief financial officer, will step into the role of president overseeing Chevron’s oil, products, and gas operations. Jeff Gustavson, who presently leads the company’s new energies division, will replace Bonner as chief financial officer.

The reshuffle occurs amid preparations for a forthcoming transition in Chevron’s top leadership. Mike Wirth, the company’s chief executive officer for more than eight years, disclosed in December that he is engaged in succession planning discussions with the board and does not anticipate remaining in the role for more than a decade. Both Bonner and Gustavson are regarded by some investors as potential successors to Wirth.

A Chevron spokesperson emphasized the company’s ongoing commitment to a disciplined succession process managed by the board of directors. The changes reflect Chevron’s broader strategy to position its leadership team for evolving priorities in the energy sector while ensuring continuity in corporate governance.