Chevron's boss to stand down

CHEVRON&rsquo;S chairman and chief executive, Dave O&rsquo;Reilly is standing down a the end of the year to be replaced by John Watson, the oil group announced yesterday.<br /><br />Watson, who became vice chairman of the second biggest US oil company in April, has been at Chevron for 29 years.<br /><br />He has been the group&rsquo;s chief financial officer, and also ran the group&rsquo;s international exploration activities. O&rsquo;Reilly has been at the company for more than 40 years, and leaves it in better condition than when he joined.