Bruce Niemeyer
HESSAbout Bruce Niemeyer
Bruce L. Niemeyer (age 63) was appointed President of Hess Corporation at the Effective Time of Chevron’s acquisition of Hess on July 18, 2025; under Hess’s amended by-laws, the President is the corporation’s chief executive officer and serves at the pleasure of the Board . Prior to this, he led Chevron’s Americas Exploration & Production (from Oct 2022), and earlier served as Chevron’s Vice President of Strategy & Sustainability (Jan 2018–Oct 2022) and Vice President of the Midcontinent Business Unit (Apr 2013–Oct 2022), with prior roles including VP Appalachian/Michigan BU and GM Strategy & Planning for Chevron North America E&P . Education, individual tenured performance metrics (TSR, revenue, EBITDA), and Hess-specific compensation details for Niemeyer are not disclosed in the cited filings.
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Chevron | President, Americas Exploration & Production | Oct 2022–Jul 2025 | Oversaw exploration and production activities throughout the Americas |
| Chevron | VP, Strategy & Sustainability | Jan 2018–Oct 2022 | Guided development of key strategies, capital allocation, and sustainability efforts |
| Chevron | VP, Midcontinent Business Unit | Apr 2013–Oct 2022 | Responsible for developing assets in the mid‑continent United States |
| Chevron | VP, Appalachian/Michigan Business Unit | Prior to 2013 (dates not specified) | Operational leadership for regional upstream portfolio |
| Chevron NA E&P | General Manager, Strategy & Planning | Prior to VP roles (dates not specified) | Corporate strategy and planning for North America E&P |
External Roles
No external public-company directorships or committee roles for Niemeyer are disclosed in Hess filings reviewed. If required, we can expand using additional documents once available.
Fixed Compensation
- Base salary and individual fixed compensation for Bruce Niemeyer at Hess are not disclosed in the cited filings.
- Company-level practices: Hess targets total direct compensation around market median; provides de minimis perquisites (none ≥$10,000 for NEOs in 2024) .
Performance Compensation
Company framework relevant to executive incentives (AIP and LTI) as disclosed around 2025:
| Metric/Element | Weighting | Target | Payout Range | Modifier | Vesting/Notes |
|---|---|---|---|---|---|
| Environment, Health & Safety (5 measures: Bakken routine flare rate; critical inspection compliance; severe+significant safety incident rate; loss of primary containment rate; safety observations) | Not disclosed | Pre‑established threshold/target/max | 0%–200% of target | Enterprise-wide performance modifier ±25% across five themes: strategy execution; capital allocation & risk management; social responsibility & stakeholder engagement; culture/people/leadership; environment & sustainability | Annual cash incentive plan (AIP) structure established by Committee |
| Controllable Production | Not disclosed | Pre‑established threshold/target/max | 0%–200% of target | ±25% enterprise modifier | AIP |
| E&P capital & exploratory spend | Not disclosed | Pre‑established threshold/target/max | 0%–200% of target | ±25% enterprise modifier | AIP |
| Controllable operated cash costs | Not disclosed | Pre‑established threshold/target/max | 0%–200% of target | ±25% enterprise modifier | AIP |
| Long-Term Incentive (2025 awards) | N/A | N/A | N/A | N/A | Due to pending Chevron merger, 2025 LTI granted as restricted stock vesting in equal annual installments over 3 years from grant date; subject to accelerated vesting on certain terminations per 2017 LTIP and award agreement |
Merger-related treatment of equity awards at the Effective Time:
- Outstanding Hess stock options and restricted stock were converted to equivalent Chevron equity awards based on the 1.025 exchange ratio, preserving terms and conditions .
- Outstanding PSUs were deemed earned at maximum and converted into restricted cash awards equal to CVX 20‑day average price × exchange ratio per share under the PSU, with performance conditions removed but other terms unchanged .
Equity Ownership & Alignment
- Stock Ownership Guidelines (company-wide for officers): executives must attain specified multiples of base salary within five years; stock counted includes shares owned outright, restricted stock, and savings plan shares; options and unvested PSUs not counted .
| Role | Ownership Requirement (multiple of base salary) |
|---|---|
| CEO | 6x |
| COO | 4x |
| Executive & Senior VPs | 3x |
| Vice Presidents | 1x |
- Anti‑hedging and anti‑pledging: directors and employees (including executive officers) prohibited from hedging Hess stock and from pledging shares; policy designed to preserve economic risk alignment .
- Compensation recovery (clawback): NYSE/Item 402(w) compliant policy adopted Oct 2023; requires recoupment of incentive‑based pay in event of restatement; operates alongside forfeiture provisions in LTI plans .
Note: Individual beneficial ownership, vested/unvested breakdown, options status, and any pledging for Niemeyer are not disclosed in the Hess documents reviewed.
Employment Terms
| Topic | Key Terms | Source |
|---|---|---|
| Appointment | Bruce L. Niemeyer appointed President of Hess at Effective Time of the Chevron merger on July 18, 2025 | |
| Role Definition | Under amended by‑laws, President presides at meetings and is the chief executive officer of the Corporation | |
| Tenure/Removal | Officers (including President) serve at the pleasure of the Board; removable with or without cause | |
| Company CIC Severance Framework (pre‑merger) | Change‑in‑control agreements provide “double‑trigger” cash severance; multiples: 3x CEO, 2x for other officers; pro‑rata bonus, 24–36 months benefits continuation, immediate vesting/credited service; legacy excise tax gross‑ups for certain NEOs; no gross‑ups in post‑2010 agreements | |
| Merger Equity Treatment | Options/RSAs converted to Chevron awards; PSUs maxed and converted to restricted cash removing performance conditions | |
| Deferred Compensation | Plan allows deferral of salary/bonus with investment choices; no NEO participation disclosed for 2024 | |
| Pension | Final average pay formula and restoration plan details (offsets, early retirement provisions) |
Note: Post‑merger Hess is a wholly owned Chevron subsidiary; Niemeyer’s current compensation terms likely governed within Chevron’s framework, which are not detailed in the Hess filings cited.
Investment Implications
- Alignment: Strong policy-level alignment via strict anti‑hedging/anti‑pledging and stock ownership guidelines; clawback policy enhances accountability. These reduce misalignment risk for senior executives including the President .
- Incentive levers: AIP metrics emphasize EHS discipline, cost control, capital allocation, and production, with capped payouts and an enterprise modifier—constructs generally disincentivize excessive risk‑taking, supporting operationally grounded performance regimes .
- Retention/transition risk: As a senior Chevron executive installed as President at the Effective Time, Niemeyer’s continuity appears anchored to Chevron’s post‑merger operating model; officer removal is at Board’s discretion. Lack of disclosed individual Hess compensation terms limits clarity on retention hooks at the subsidiary level .
- Trading signals: Merger treatment maxed PSUs and converted them to restricted cash, removing future performance hurdles for legacy Hess awards; while not specific to Niemeyer, this broadly reduces potential PSU‑related selling pressure and narrows performance‑based variability in realized comp for legacy holders .
- Governance safeguards: Double‑trigger CIC severance structure and absence of new excise tax gross‑ups signal balanced shareholder protections; broad officer multiples at 2x mitigate pay inflation risk versus CEO 3x, though specifics for Niemeyer post‑merger are not disclosed .