Sign up for our daily briefing
Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Denver news in your inbox
Catch up on the most important stories affecting your hometown with Axios Denver
Des Moines news in your inbox
Catch up on the most important stories affecting your hometown with Axios Des Moines
Minneapolis-St. Paul news in your inbox
Catch up on the most important stories affecting your hometown with Axios Twin Cities
Tampa Bay news in your inbox
Catch up on the most important stories affecting your hometown with Axios Tampa Bay
Charlotte news in your inbox
Catch up on the most important stories affecting your hometown with Axios Charlotte
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."