The changes, which will take effect on Feb. 19, include bouncing Altria and Honeywell.

The last time any moves were made to the 111-year-old stock index came with three stocks being replaced in the 30-name benchmark.

"There are no pre-determined criteria for a stock to be added or deleted, though we intend that all components be established U.S. companies that are leaders in their industries," John A. Prestbo, editor of Dow Jones Indexes, said in a statement.

Altria (formerly Philip Morris Cos.), has been in the industrial average since Oct. 30, 1985. It adopted its current name in 2003. Last year it spun off Kraft Foods, Inc. It has announced the spin-off next month of Philip Morris International.

Dow Jones also says that Honeywell is being dropped because it is the smallest of the industrials in terms of revenue and earnings.

Additionally, the role of industrial companies relative to the overall stock market has been shrinking in recent years, according to company officials. AlliedSignal acquired Honeywell in late 1999 and adopted that name for the new entity.

Chevron has been in the industrial average twice before. The first time, as Standard Oil Co. of California, was from February 1924 to August 1925. The company rejoined The Dow in 1930, but was replaced on Nov. 1, 1999. The Chevron name was adopted in 1984.

"The catalyst for these changes is the restructuring in progress at Altria, which will result in a much smaller and more narrowly focused company," said Marcus W. Brauchli, managing editor of The Wall Street Journal.

Traditionally, the paper's top editor has a hand in the index's makeup, the company pointed out. The benchmark began as a 12-stock index in May 1896.

"As usual when we make any change we review all the stocks," Brauchli added in announcing the revamping. "In doing so, we saw that the financials industry was under-represented—notwithstanding the current turbulence—and that the oil and gas industry's growing importance to the world economy called for another representative to join Exxon Mobil Corp."

For the sake of continuity, composition changes are intentionally rare, Prestbo said.