Alana Knowles
About Alana Knowles
Alana K. Knowles, 60, is Vice President and Controller of Chevron, responsible for corporatewide accounting, external reporting, internal controls, accounting policy, and finance technology; she became Controller in 2023 and will retire in April 2026 after 38 years with the company . Chevron’s 2024 performance context under her Controllers leadership included net income of $17.7B, ROCE of 10.1%, record $27.0B returned to shareholders, and record production of 3.3 Mboe/d, framing the company’s pay-for-performance environment and incentives .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Chevron Corporation | Vice President & Controller | 2023–2026 (planned) | Leads accounting policy, corporate/external reporting, internal controls; finance technology and digital finance . |
| Chevron Corporation | VP Finance, Downstream & Chemicals and Midstream | — | Led financial strategy/performance across complex global operations . |
| Chevron Corporation | Assistant Treasurer, OpCo Financing | — | Oversaw capital structure and funding strategies across portfolio . |
| Chevron Corporation | Comptroller, Global Downstream & Chemicals | — | Finance leadership across refining, marketing and chemicals . |
| Chevron Corporation | VP Finance, Chevron Gas & Midstream | — | Finance leadership for gas, pipelines, shipping . |
| Chevron Corporation | Manager, Investor Relations | — | Led investor communications and engagement . |
| Chevron Corporation | Finance Manager, Richmond Refinery | — | Site financial leadership . |
| Chevron Corporation | Manager, Money Markets Group, Corporate Treasury | — | Managed short-term liquidity and treasury operations . |
Education: B.S. in Business Administration, California State University, Sacramento .
External Roles
- No public company directorships or external board roles are disclosed in Chevron’s leadership profile or related press releases reviewed .
Fixed Compensation
- Chevron’s proxy does not list Knowles among Named Executive Officers (NEOs); her individual base salary and cash bonus are not disclosed. NEOs’ salaries/targets are presented, but not applicable to Knowles .
Performance Compensation
Chevron’s program elements and metrics—applicable to executive officers—create alignment but Knowles’ individual awards are not itemized in the proxy.
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Annual bonus (CIP) framework and weights (companywide): | Metric | Weight | Notes | |---|---|---| | Financial results | 35% | Company scorecard; award capped at 200% of target . | | Capital & cost management | 30% | Efficiency and capital stewardship . | | Operating & safety performance | 25% | Operational excellence . | | Lower Carbon | 10% | GHG management and New Energies (since 2023 “Lower Carbon” category) . |
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Long-Term Incentive Plan (LTIP) design (executive officers): | Vehicle | Weight | Measurement/Terms | Vesting/Holding | |---|---|---|---| | Performance Shares | 50% | 70% relative TSR vs BP/XOM/Shell/Total + S&P 500; 30% relative ROCE Improvement; negative TSR modifier for execs; MCC can reduce payout . | 3-year performance period; settle in shares from 2024 onward . | | Restricted Stock Units | 25% | Retention and absolute performance . | Ratable over 3 years; 2-year post-vest holding for executive officers . | | Stock Options | 25% | Absolute value creation; 10-year term . | Ratable over 3 years . |
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Recent performance-share outcome (company level): For the 2022–2024 cycle, TSR rank 3rd and ROCE-I rank 4th yielded a 99% multiplier; awards vested in cash for 2022 vintage (settling in shares for 2024+ vintages) .
Governance provisions:
- No hedging or pledging of Chevron stock; no CIC agreements for NEOs; 2-year RSU post-vest holding; robust Dodd-Frank clawback and plan-level forfeiture/recoupment provisions .
Equity Ownership & Alignment
Insider transactions and alignment indicators (selected):
| Date | Transaction | Shares | Price | Notes |
|---|---|---|---|---|
| 2025-08-29 | Option exercise (2011 grant) and sale | 3,978 exercised; 3,978 sold | $88.20 strike; $160 sale | Sale under a pre-established Rule 10b5-1 plan adopted 2/21/2025; Form 4 shows option grant vesting on 1/31/2022–2024 and post-transaction holdings, including ESIP accruals . |
Programmatic alignment (executive officers):
- Stock ownership guidelines: CEO 6x salary; Vice Chairman/EVPs/CFO 4x; all other executive officers 2x salary; 2-year RSU post-vest holding; no hedging/pledging .
- LTIP termination/retirement treatment uses a “points” system (age + service) for deemed vesting; company disclosure illustrates treatment for NEOs (100% vesting/continued vesting at ≥90 points; pro-rata below) .
Employment Terms
- Chevron discloses no individual change-in-control agreements for NEOs; clawback and misconduct-related forfeiture provisions span CIP, LTIP and deferred compensation plans .
- LTIP equity treatment upon termination is governed by the points system noted above; accelerated or continued vesting depends on age-plus-service thresholds (illustrated for NEOs) .
Performance & Track Record
| Company metric (FY2024) | Value |
|---|---|
| Net Income | $17.7 billion |
| ROCE | 10.1% |
| Cash returned to shareholders | $27.0 billion (incl. record repurchases) |
| Production | 3.3 million boe/d (record) |
Role context: The Controller’s remit includes internal controls over financial reporting and accounting policy; 2024–2025 SOX 302/906 certifications were signed by the CEO and CFO, with Controllers organization supporting Chevron’s control environment .
Investment Implications
- Incentive alignment and guardrails: Chevron’s program embeds multi-year TSR/ROCE metrics, Lower Carbon scorecard elements, strict ownership/holding policies, and no hedging/pledging—reducing misalignment risk; say‑on‑pay support of 95.8% in 2024 reinforces investor acceptance .
- Insider selling pressure: Knowles’ August 2025 sale was executed under a 10b5‑1 plan alongside an option exercise, signaling pre‑planned liquidity rather than opportunistic disposal; nevertheless, executive sales around vesting/trading windows can create periodic flow overhangs (watch late Jan/Feb and mid‑year windows) .
- Retention/transition: Her announced retirement in April 2026 and successor designation (Assistant Controller Amit R. Ghai) lower continuity risk in the Controllers function; minimal direct business execution risk given role focus, but transitions can modestly elevate process/close/external reporting risk during handover .
- Trading relevance: As Controller (not CEO/CFO), her trades are less predictive of strategy shifts; focus insider signal monitoring more on CEO/CFO/EVP Oil, Products & Gas while using Controller transactions primarily to map calendar-driven selling patterns.