Photo: Alan Diaz/AP

MIchael Wirth was named Tuesday as the next CEO of Chevron, replacing John Watson on February 1, the Wall Street Journal reports.

Why it matters: Per the Journal, the change "follows a number of other large oil companies who now have engineers and operations specialists with experience running refineries at the helm."

Go deeper: Axios' Ben Geman broke down the management move last month in Generate.

Go deeper

16 mins ago - World

Europe faces "stronger and deadlier" coronavirus wave

Paris under curfew. Photo: Kiran Ridley/Getty Images

The coronavirus is still winning: Now even Germany is entering another national lockdown, joined by France.

Why it matters: France has been "overpowered by a second wave,” President Emmanuel Macron said in a nationally televised address today. Macron said the "new wave will be stronger and deadlier" than the first.

Stocks close down more than 3%

Photo: Alexi Rosenfeld via Getty Images

Stocks took a hit on Wednesday, with the S&P 500, Dow Jones Industrials Average and Nasdaq dropping more than 3% across the board.

Why it matters: The volatility is a break from the stock market grinding higher in the face of spiking coronavirus cases, a stalling economy and gridlocked negotiations over an additional stimulus package.

Get Axios AM in your inbox

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Subscription failed
Thank you for subscribing!