Eimear Bonner
Chief Financial Officer at CVX
Executive
About Eimear Bonner
Eimear P. Bonner, 51, is Chevron’s Vice President and Chief Financial Officer (CFO) since March 1, 2024, with responsibility for audit, controllership, IR, tax and treasury; she joined Chevron in 1998 and previously served as President of the Chevron Technical Center and CTO, and as General Director of Tengizchevroil (TCO) in Kazakhstan . She holds a BS in Chemical Engineering (Queen’s University Belfast) and MS degrees in Advanced Chemical Engineering and Petroleum Engineering (Imperial College London) . In 2024, Chevron delivered $17.7B net income, 10.1% ROCE, returned a record $27.0B to shareholders, and achieved record production; the 2022–2024 PSU cycle paid at a 99% multiplier, reflecting 3rd-quartile TSR and 4th-quartile ROCE-I relative performance . The 2024 Pay vs Performance table indicates a 2024 TSR index value of 150 (value of $100), broadly tracking the peer group at 153 .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Chevron Corporation | Vice President & Chief Financial Officer | 2024–present | Leads finance (audit, controllership, IR, tax, treasury) during capital-intensive cycle with focus on higher returns and capital discipline . |
| Chevron Technical Center | President and Chief Technology Officer | ~2021–2024 | Led enterprise technology strategy; advanced digital/innovation to improve safety, returns and carbon intensity . |
| Tengizchevroil (TCO), Kazakhstan (Chevron JV) | General Director | 2018–2021 | Accountable for operational and financial performance; led organizational transformation at Chevron’s largest JV . |
| Chevron (Global) | Strategy, asset management, operations; UK subsurface/operations; Thailand/Kazakhstan roles | 1998–2018 | Operations and planning leadership across businesses; began as offshore petroleum engineer in the UK . |
External Roles
No public-company directorships or external board roles disclosed in company filings .
Fixed Compensation
| Component (2024 unless noted) | Detail |
|---|---|
| Base salary | $1,000,000 (effective March 1, 2024; +21.2% vs 2023 $825,000) . |
| Summary Compensation (2024) | Salary $963,542; Stock awards $3,498,434; Option awards $1,071,600; Non‑equity incentive (CIP) $1,210,000; All other comp $704,997; Total $7,448,573 . |
| 2024 LTIP grant (target and instruments) | PSUs 14,070; RSUs 7,030; Stock options 28,200 (grant date 2/6/2024; exercise price $152.35 for options) . |
| 2025 LTIP target (award date 2/4/2025) | Target value $4,329,000; PSUs 14,130; RSUs 7,060; Options 28,800 . |
Performance Compensation
Annual Incentive (CIP) – 2024 outcome
| Metric | Target | Corporate rating | Individual bonus component | Payout |
|---|---|---|---|---|
| Cash bonus (CIP) | 110% of salary ($1,100,000) | 1.10x | $1,100,000 | $1,210,000 (0% individual adjustment) . |
- Performance rationale: successful CFO transition, capital discipline, support to businesses/cost control, portfolio optimization and strong balance sheet/controls .
Long-Term Incentive Plan (LTIP) design and realized outcomes
- Metric framework (PSUs): 70% relative TSR vs BP, ExxonMobil, Shell, TotalEnergies and the S&P 500; 30% relative ROCE Improvement vs BP/XOM/Shell/Total; negative TSR reduces above-target TSR modifier by 20% for executive officers; PSUs settle in shares from 2024 onward .
- Vesting/holding: RSUs vest ratably over 3 years with a mandatory 2-year post‑vest holding period for executive officers .
- Options: 10-year term; one‑third vest annually; exercise price equals grant-date close .
| PSU cycle | Inputs | Multiplier | Shares vested/value (Bonner) |
|---|---|---|---|
| 2022–2024 (granted Jan 2022) | TSR rank 3rd; ROCE-I rank 4th vs peers → combined 99% | 99% | 12,683 shares vested; cash value/payout $1,903,793; Bonner elected to defer $380,759 (20%) . |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial ownership (as of 3/17/2025) | 146,983 shares; plus 13,706 stock units; total 160,689; <1% of outstanding . |
| Options immediately exercisable/within 60 days | 88,968 shares for Bonner (included in beneficial ownership footnote) . |
| Outstanding equity at 12/31/2024 (Bonner) | Options: 2023 5,800/11,600; 2022 21,400/10,700; 2021 28,334; 2020 7,534; 2024 28,200 unexercisable. RSUs not vested: 7,339 (2024), 3,212 (2023), 6,266 (2022), 6,748 (2021), 3,200 (2020). Unearned PSUs: 29,378 (2024), 9,646 (2023). RSU market value $1,063,032 (2024 grant), $465,184 (2023), $907,628 (2022), $977,331 (2021), $463,488 (2020); PSU payout value $4,255,110 (2024), $1,397,127 (2023) . |
| Ownership guidelines | CFO guideline = 4x base salary; all NEOs met their requirements; average non‑CEO NEO multiple 7.0 (based on 250‑day avg price $153.09) . |
| Hedging/pledging | Prohibited for NEOs under insider trading policy . |
| Tax withholding RSUs (Dec 2024) | RSUs withheld to pay FICA/taxes: Bonner 139 (1/26/2022 grant), 203 (1/25/2021), 122 (1/29/2020); valued $20,644; $30,081; $18,047 at $148.11 . |
Employment Terms
- Contracts/severance/CIC: Chevron generally does not maintain employment, severance, or change-in-control agreements for NEOs (exception: a 2018 agreement for Mr. Pate only). NEOs are not eligible for accelerated vesting of outstanding equity upon change-in-control under the LTIP; vesting upon termination is based on age+service “points” and minimum holding periods .
- Points/vesting status (Bonner): More than 75 points but less than 90 → pro‑rata vesting of unvested standard LTIP awards (options, RSUs, PSUs) based on completed months; examples as of 12/31/2024: options vesting accelerated 23/36 (2023 grant) and 35/36 (2022); PSUs 24/36 (2023 grant); RSUs 23/36 (2023), 35/60 (2022), 47/60 (2021), 59/60 (2020); vested options exercisable through Dec 31, 2029 or original 10th anniversary, if earlier .
- Clawbacks and recovery: Dodd‑Frank compliant clawback plus misconduct‑based forfeiture/repayment provisions in CIP, LTIP, DCP, RRP, ESIP‑RP .
- Pensions and deferred comp: UK pension present value change for 2024 was negative (−14.8%) primarily due to higher discount rates; Bonner’s CRP/RRP retirement calculations follow plan rules for employees eligible after 1/1/2008; HAE average $1,565,909 as of 12/31/2024; RRP distribution election: one installment, first quarter at least one year post‑separation . Bonner deferred 5% of her 2024 CIP ($60,500) and 20% of 2022 PSU payout ($380,759) to the DCP .
Compensation Structure Details
2024 NEO Target Compensation (as set for Bonner)
| Base salary | Target CIP | LTIP target value | Target total |
|---|---|---|---|
| $1,000,000 | $1,100,000 (110%) | $4,286,100 | $6,386,100 . |
2024 Grants of Plan-Based Awards (Bonner)
| Award | Grant date | Target/amount | Terms |
|---|---|---|---|
| PSUs | 2/6/2024 | Target 14,070 (thr–max 3,095–28,140) | 70% rTSR vs peer+S&P 500; 30% rROCE‑I vs peer; 3‑yr period; settle in shares; negative TSR cap for execs . |
| RSUs | 2/6/2024 | 7,030 | Ratable vest over 3 years; 2‑yr post‑vest holding for execs . |
| Options | 2/6/2024 | 28,200 | 10‑yr term; 1/3 annual vest; exercise price $152.35 . |
Perquisites and “All Other Compensation” (Bonner, 2024)
| Category | Amount |
|---|---|
| ESIP company match | $27,600 . |
| ESIP‑RP (restoration plan) company contributions | $49,483 . |
| Financial counseling | $39,711 . |
| Security and security surveillance | $11,250; $310,996 . |
| Relocation | $35,227 . |
| International board trip | $71,620 . |
| Expatriate & tax equalization benefits | $194,127 . |
| Other | $210 . |
| Total “All Other Compensation” | $704,997 . |
- Tax gross‑ups: none for perquisites; expatriate assignments may include tax equalization benefits .
Performance & Track Record
- Company outcomes tied to her pay year (2024): Net income $17.7B (down 17% y/y), ROCE 10.1% (down 15% y/y), record $27.0B cash returned, record global and U.S. production (Permian +~18% y/y) .
- PSU performance (2022–2024): payout multiplier 99% (TSR 3rd; ROCE‑I 4th); Bonner received 12,683 shares/$1.904M value and deferred $380,759 .
- 2024 Individual achievements noted for CIP: seamless CFO transition; investor engagement; support to business orgs/cost efficiency; portfolio optimization; robust internal controls and balance sheet management .
Compensation Governance, Ownership, and Say‑on‑Pay
- Ownership and alignment: Mandatory ownership multiples (CFO 4x base salary); all NEOs met requirements; RSU two‑year post‑vest hold; hedging/pledging prohibited .
- Say‑on‑Pay 2024: 95.8% support; investors highlighted transparent CIP scorecard and shift to share‑settled PSUs and RSUs for stronger alignment .
Investment Implications
- Pay-for-performance alignment: High at‑risk mix (CIP and PSUs) and relative metrics (rTSR, rROCE‑I) directly tie outcomes to peer‑relative performance; 2024 PSU design now settles in shares, increasing ownership alignment .
- Retention risk: Bonner’s points status (>75, <90) provides pro‑rata vesting on separation (rather than full acceleration), plus 2‑year RSU post‑vest holding, reducing near‑term selling pressure and supporting retention; absence of guaranteed severance/CIC payouts also moderates exit incentives .
- Trading signals: Share‑settled PSUs/RSUs and mandatory holding increase insider skin‑in‑the‑game; 2024 PSU payout at 99% indicates middling relative performance, reinforcing management incentive to improve TSR/ROCE vs peers in the current cycle .
- Governance quality: Strong clawback regime, prohibition on hedging/pledging, and high Say‑on‑Pay support (95.8%) lower governance red‑flag risk for investors .