Chevron Corp. CEO John Watson is stepping down as leader of the U.S.-based multinational oil giant, the Wall Street Journal reports, citing sources familiar with the matter.

Why it matters: The next CEO of the second-largest U.S. oil company behind Exxon will have to reckon with how the firm — and the industry — will position itself amid middling oil prices, projections that global demand could peak within a couple of decades, and the global push for carbon constraints.WSJ reports that refining specialist and current Chevron vice-chairman Michael Wirth is the leading candidate to replace Watson: "Chevron directors see Mr. Wirth's years of experience wringing costs out of big plants that process fuel and chemicals as a critical need in a new era for oil markets defined by low prices."

A Chevron spokesperson would not confirm to Axios that Watson, who is 60, is leaving. WSJ reports that the transition is expected to be announced in September and that the planned departure of Watson, who has been at the helm since 2010, is on "amicable terms." He's expected to remain for some time after the announcement for an "orderly transition."

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Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Annelise Capossela/Axios

  1. Politics: Trump calls Fauci a "disaster" on campaign call.
  2. Health: Coronavirus hospitalizations are on the rise — 8 states set single-day coronavirus case records last week.
  3. States: California to independently review FDA-approved coronavirus vaccines
  4. Wisconsin judge reimposes capacity limit on indoor venues.
  5. Media: Trump attacks CNN as "dumb b*stards" for continuing to cover pandemic.
  6. Business: Consumer confidence surveys show Americans are getting nervousHow China's economy bounced back from coronavirus.
  7. Sports: We've entered the era of limited fan attendance.
  8. Education: Why education technology can’t save remote learning.
Dion Rabouin, author of Markets
2 hours ago - Economy & Business

The 2020 holiday season may just kill Main Street

Illustration: Eniola Odetunde/Axios

Online retail and e-commerce have been chipping away at brick-and-mortar businesses over the years but the combination of the coronavirus pandemic and the 2020 holiday season may prove to be a knockout blow.

State of play: Anxious consumers say financial concerns and health worries will push them to spend less money this year and to do more of their limited spending online.

California to independently review FDA-approved coronavirus vaccines

California Gov. Gavin Newsom. Photo: Justin Sullivan/Getty Images

California will "independently review" all coronavirus vaccines approved by the Food and Drug Administration before allowing their distribution, Gov. Gavin Newsom (D) announced at a news conference Monday.

Why it matters: The move that comes days after NAID director Anthony Fauci said he had "strong confidence" in FDA-approved vaccines could cast further public doubt that the federal government could release a vaccine based on political motives, rather than safety and efficacy.