Will New Chief Financial Officer Drive Growth at Chevron Phillips Chemical?

Chevron Phillips Chemical names Chevron executive Wayne Borduin as chief financial officer, succeeding retiring industry veteran Darren Ercolani on September 1

Chevron Phillips Chemical, CPChem, has officially announced Wayne Borduin as the next executive vice president and chief financial officer starting September 1. In this role, he will report directly to President and CEO Steve Prusak, and he will also help steer global financial direction along with supply chain procurement. The executive handoff follows the planned retirement of Darren Ercolani, wrapping up a career spanning over three decades with CPChem and Phillips Petroleum.

Strong Leadership Credentials Across Capital Markets

Borduin is coming over from Chevron Corporation, where he last oversaw capital investments as chief investment officer. His career spans 25 years, covering corporate treasury, investor relations, and business-unit oversight.  

Key career highlights include:

• Global Executive Reach: Directed financial operations across primary industrial markets in North America, Asia, and Latin America.

• Academic Foundation: Holds an MBA in finance and strategy from Northwestern, alongside master’s and bachelor’s degrees in civil engineering from Stanford and Johns Hopkins.

• Investment Governance: Strong background managing capital allocation, strategic planning, and treasury risk.

Strategic Vision from Corporate Leadership

Executive leadership noted that Borduin’s mix of market expertise and hands-on operational grounding will be central to guiding the firm’s long-term direction.

"Wayne is a seasoned finance leader with global experience, deep capital markets expertise and a strong track record of driving performance. His strategic mindset, operational grounding and collaborative leadership style make him an outstanding addition to our executive team". - CEO Steve Prusak.

Honoring Decades of Organizational Transformation

Outgoing CFO Darren Ercolani leaves behind a legacy defined by structural growth and digital innovation. Over his career, Ercolani steered business transformation projects, managed regional finance operations across Asia and Qatar, and served as general auditor. Prusak expressed gratitude for Ercolani’s steady stewardship, highlighting how his contributions helped position the chemical manufacturer for ongoing market strength.

Long-Term Value for Global Chemical Operations

Placing experienced financial strategists at the helm of joint ventures helps maintain agility amid shifting global demand and economic fluctuations. As CPChem continues expanding its international asset base, aligning procurement and treasury operations under unified leadership will remain critical for long-term capital efficiency. CIO Bulletin views this development as a well-timed executive transition that reinforces CPChem's strategic momentum and organizational stability.