Shell boss Ben van Beurden steps down after nine years at the helm
>
Shell boss Ben van Beurden aims to make nearly £14 million by 2022 when he steps down after nine years at the helm
<!–
<!–
<!–<!–
<!–
<!–
<!–
Shell confirmed yesterday that their CEO Ben Van Beurden will leave the helm after nine years.
Shell boss Ben van Beurden will receive a lucrative exit package on his departure later this year, on top of the £80 million he has received as chief executive so far.
The oil giant confirmed yesterday that Van Beurden will leave the helm after nine years.
Resignation: Ben van Beurde will receive a lucrative severance package if he leaves later this year – on top of the £80m he has received as chief executive so far
The 64-year-old will be replaced by Shell’s gas and renewables boss, Wael Sawan, as it strives for a greener future.
Van Beurden’s departure has been under discussion for months. It follows the appointment of chairman Sir Andrew Mackenzie in May last year.
He has paid £78.6m until 2021 and is in line for up to £13.8m this year, on top of that he will receive an exit package worth millions of pounds, the Mail has understood.
The pay arrangements for new boss Sawan, a 48-year-old Shell veteran, will be announced in next year’s annual report. Profits have skyrocketed following Russia’s invasion of Ukraine, pushing up oil and gas prices – reaching a record £9.5 billion in the second quarter alone.
But the company, like rivals, is preparing for a future where the world tries to forgo fossil fuels in the fight against climate change.
Under Van Beurden, Shell has committed to halving emissions by 2030 and being a carbon neutral company by 2050.
But last year, the company lost a lawsuit filed by climate activists when a Dutch court ordered it to cut emissions more quickly.
It is also seen by many in the industry as catching up to rival BP, which has vowed to make a large number of investments in more renewable energy sources by 2025.
Sawan’s appointment as chief executive appears to reflect an increasing focus on the transition.
“For a group whose sustainability strategy has been somewhat vague, albeit big-sounding, this is a clear indication that Shell wants to change that,” said Sophie Lund-Yates, principal equity analyst at investment platform Hargreaves Lansdown.
‘Change will not happen overnight, but it is reasonable to think that at least adjustments to the existing sustainable strategy are possible.’
The Dutchman Van Beurden, who joined Shell in 1983, will remain as an advisor until June next year.
He has led the company through two oil price declines, most recently following the 2020 pandemic, when he cut its dividend for the first time since World War II.
He said: ‘It has been a privilege and an honor to have served Shell for nearly four decades and to have led the company for the past nine years.’
Oil giant goes green with new boss
Shell’s new chief executive Wael Sawan (pictured) will move to the UK to oversee a global company currently valued at £169 billion
The next boss of the FTSE 100’s largest company is a Beirut-born Lebanese-Canadian who has been with Shell for 25 years.
The Hague-based Wael Sawan will move to the UK to oversee a global company currently valued at £169 billion.
A married father of three sons, Sawan grew up in Dubai and holds a master’s degree in chemical engineering from Montreal and an MBA from Harvard.
He held senior positions in Shell’s operations around the world before being appointed last year to lead the gas and renewables business.