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An unexpected shake-up at the top of one of the largest oil and natural gas producers in the world occurs just as it comes out of the global recession in commodity prices and begins to reap the benefits of a multi-billion dollar expansion.
Chevron spokesman Kent Robertson declined to comment.
56-year-old Wirth was vice-chairman since February, and also led the pipeline division of the company. Previously, he was in charge of Chevron's refinery, which has developed rapidly in recent years, and the company has actively invested in expansion and reconstruction.
Last month, Chevron released second-quarter earnings, surpassing expectations, growth in production and oil prices and a reduction in spending on major projects.
Under Watson, a 60-year veteran of Chevron, who became CEO in 2010, the company shifts additional resources to shale oil projects that promise a faster return.
Watson, an economist by education, grew up in the ranks of the company, became its chief financial officer and previously led the integration of Texaco operations after the acquisition in 2000.
Shares of San Ramon, California's Chevron, rose 0.5 percent to $ 106.35 in the afternoon. Last year, shares rose 4 percent.
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