Chevron Corporation (CVX) - Form 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed by Chevron Corporation on January 27, 2026. The report discloses a corporate governance event regarding the appointment of a new director and the associated compensatory arrangements.
Key Financial Metrics
The filing does not provide financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity. The document focuses exclusively on personnel changes and director compensation.
Material Changes
The material change reported is the appointment of Thomas W. Horton to the Board of Directors, effective January 27, 2026. Mr. Horton was simultaneously appointed to the Audit Committee.
Management Commentary and Compensation Details
- New Director Profile: Thomas W. Horton, age 64, is a partner at Global Infrastructure Partners. His background includes leadership roles at American Airlines Group, Inc., and AT&T Corporation, and current directorships at Walmart Inc. and GE Aerospace.
- Equity Compensation: Mr. Horton received a prorated grant of restricted stock units (RSUs) under the Non-Employee Directors' Equity Compensation and Deferral Plan. The grant value is based on a $235,000 annual target, prorated for the remaining days in the compensation cycle, divided by the closing stock price on the effective date.
- Cash Compensation: Mr. Horton is entitled to a prorated annual cash retainer of $155,000 for non-employee directors.
Investor Verification Checklist
- Verify the closing price of Chevron common stock on January 27, 2026, to calculate the exact number of RSUs granted to Mr. Horton.
- Confirm the specific start date of the "Annual Compensation Cycle" to determine the precise proration factor for both equity and cash compensation.
- Review the full text of the Chevron Non-Employee Directors' Equity Compensation and Deferral Plan for vesting schedules and other terms applicable to the new grant.