Chevron’s CVX 2.23%increase; green up pointing triangle board of directors is waiving the company’s fixed retirement age for Chief Executive Mike Wirth, allowing him to remain CEO for a longer period as it weighs its C-suite strategy.

The Wall Street Journal had reported in February that Chevron’s board was considering the move. Some directors have said the company doesn’t have an internal candidate ready to succeed Wirth, who would reach the company’s fixed retirement age of 65 in late 2025, and that additional time would allow him to prepare a successor, according to people familiar with the matter.

The board “concluded it has the right leader and strategy in place to continue the company’s successful trajectory,” Wanda Austin, Chevron’s lead independent director, said in a statement Sunday.

Chevron Waives Retirement Age for CEO Mike Wirth – WSJ (no paywall)