Chevron CEO’s Pay Rose 12% to $26.5 Million Last Year on Pension

Chevron Corp. Chief Executive Officer Mike Wirth’s pay jumped 12% to $26.5 million last year, mainly due to a change in the value of his pension, even as the stock underperformed rivals.

Wirth received a higher salary and stock awards but it was the pension change that primarily helped bump up his earnings compared with the previous year, Chevron said in a its proxy statement Wednesday. The CEO’s non-equity incentive plan compensation dropped 42% to $2.6 million.

Mike Wirth

Photographer: F. Carter Smith/Bloomberg

Chevron underperformed its Big Oil rivals in 2023 after facing refinery disruptions, production setbacks in the Permian Basin in the ...