SAN FRANCISCO, Dec 10 (Reuters) - Chevron Corp said on Wednesday Patricia Yarrington will replace Steve Crowe as chief financial officer when he retires at the end of this year.
Yarrington, 52, has been at Chevron since 1980 and is now treasurer and a director for Chevron Phillips Chemical Co, a joint venture with ConocoPhillips. She also serves on the Federal Reserve Bank of San Francisco's Economic Advisory Council.
Crowe, 61, a 36-year veteran of the company, spent his first year as CFO in 2005, leading the acquisition of rival California oil company Unocal.
Yarrington's first major test as CFO is likely to be establishing a 2009 capital spending budget.
Due to significant changes in market conditions, Chevron delayed its capex announcement until the end of January from this month, but still expects spending to be steady compared with this year.
It spent $15.8 billion on capex in the first nine months of 2008 out of a $22.9 billion program unveiled last December.
Pierre Breber, 44, vice president of finance for Chevron's Global Downstream business, will succeeds Yarrington.
Chevron shares closed up 3.8 percent to $78.44 on the New York Stock Exchange.
(Reporting by Braden Reddall; editing by Jeffrey Benkoe) Keywords: CHEVRON/ (braden.reddall@thomsonreuters.com; +1 415 677 2543; braden.reddall.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2008. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
Yarrington, 52, has been at Chevron since 1980 and is now treasurer and a director for Chevron Phillips Chemical Co, a joint venture with ConocoPhillips. She also serves on the Federal Reserve Bank of San Francisco's Economic Advisory Council.
Crowe, 61, a 36-year veteran of the company, spent his first year as CFO in 2005, leading the acquisition of rival California oil company Unocal.
Yarrington's first major test as CFO is likely to be establishing a 2009 capital spending budget.
Due to significant changes in market conditions, Chevron delayed its capex announcement until the end of January from this month, but still expects spending to be steady compared with this year.
It spent $15.8 billion on capex in the first nine months of 2008 out of a $22.9 billion program unveiled last December.
Pierre Breber, 44, vice president of finance for Chevron's Global Downstream business, will succeeds Yarrington.
Chevron shares closed up 3.8 percent to $78.44 on the New York Stock Exchange.
(Reporting by Braden Reddall; editing by Jeffrey Benkoe) Keywords: CHEVRON/ (braden.reddall@thomsonreuters.com; +1 415 677 2543; braden.reddall.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2008. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.