Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On December 10, 2008, Chevron Corporation issued a press release announcing that on December 5, 2008, General James L. Jones resigned from the Board of Directors, effective as of that date, due to his acceptance to serve as National Security Advisor to President-elect Barack Obama.
In addition, Chevron announced that on December 10, 2008, the Board elected Enrique Hernandez, Jr. to the Board and named Mr. Hernandez to the Audit Committee. On that date, the Board approved a grant to Mr. Hernandez of 1,021 Restricted Stock Units, which is a prorated grant of the annual restricted stock unit award granted under the Chevron Non-Employee Directors' Equity Compensation and Deferral Plan. Mr. Hernandez will also be entitled to receive the annual cash retainer for non-employee Directors, which will be prorated and paid in monthly installments of $9,667.
In addition, Chevron announced that Patricia E. Yarrington has been appointed Vice President and Chief Financial Officer effective January 1, 2009, replacing Stephen J. Crowe, who has elected to retire after 36 years of service. Ms. Yarrington will receive an annual base salary of $700,000 and will continue to be eligible to receive compensation under the Chevron Incentive Plan and the Chevron Long Term Incentive Plan, as well as continue to participate in the other benefit and deferral plans on the same terms available to other employees. The press releases are attached hereto as Exhibits 99.1 and 99.2 and are incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits

99.1 Press Release dated December 10, 2008.

99.2 Press Release dated December 10, 2008.

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