Chevron adds Caterpillar CEO to board after Watson exit

HOUSTON, Feb 1 (Reuters) - U.S. oil and gas producer Chevron Corp named Caterpillar Inc Chief Executive Jim Umpleby to its board of directors on Thursday, replacing the recently retired John Watson.

Umpleby, who has led Caterpillar since January 2017, will join Chevron's board on March 1, bringing Chevron's board to 12 members. He will serve on the board nominating and governance committees, Chevron said in a statement.

Umpleby doesn't serve on any other corporate boards besides Caterpillar's.

John Watson retired on Wednesday as chairman of Chevron's board and chief executive.

Umpleby's appointment was the first move by Chevron's board under Mike Wirth, the new chairman and CEO.

Both companies are components of the Dow Jones Industrial Average.

Chevron is slated to report quarterly results on Friday. The company boosted its dividend this week by 4 percent. (Reporting by Ernest Scheyder; Editing by Nick Zieminski)