Nominee Hagel to cut ties with Chevron

Former Sen. Chuck Hagel (R-Neb.) will divest from Chevron Corp. and leave the company’s board of directors if confirmed as Defense secretary, the Cabinet nominee said in disclosure forms released Tuesday.

President Obama’s Pentagon pick and his wife hold between $100,001 and $250,000 of Chevron common stock and earn between $5,001 and $15,000 in dividends. He also pulled $116,000 in income for serving on Chevron’s board.

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As Defense secretary, Hagel would be in the driver's seat for the Defense Department's procurement strategy, where he would control a suite of military energy programs and contracts.

Hagel’s confirmation, however, is far from certain.

About half a dozen Republican senators have said they would vote against Hagel, while just about a dozen Democrats intend to support his nomination.

And many conservative groups oppose Hagel’s nomination because of his views on Israel, Iran and gay rights.

One of those groups, the American Future Fund, had previously questioned Hagel’s role with Chevron, attacking him for the relationship in an advertisement, asking, “How can Chuck Hagel run the Pentagon with so many ethical questions about his own record?"