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Executive Director of the American energy giant Chevron, John Watson, plans to step down from his post and the company is looking for a new top manager. The California-based energy company has not yet made a final decision for the new top manager. However, the 56-year-old Michael Worth, who was promoted to the post of Deputy Chairman in January, has the biggest chances. According to the WSJ, the formal statement can be expected in September.

Chevron spokesman Kent Robertson has refused to comment.

John Watson, 60, led the merger between Texaco and Unocal into Chervon. The two companies were bought by his predecessor David O’Reilly. However, since the start of the oil market crash in 2014, Watson has been struggling to protect dividends by the low-priced damage and lower cash flow. He made some job cuts, freezing of billions of dollars worth of assets, as well as asset sales, to tackle the crisis that wiped out 50 billion USD of Chevron’s market price. In 2016, the company reported its first annual loss of 37 years.

One of Michael Worth’s achievements is the restructuring of the refining business by selling assets for billions of dollars from Africa to Europe. Under his leadership, the company stopped processing crude oil in Western Europe and focused on regions with higher demand in East Asia and South America. Later, Watson included Worth’s tasks and shrinking the oil and gas unit.

