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Just shortly after announcing first quarter profits that exceeded all analyst expectations, Royal Dutch Shell’s chief executive officer, Peter Voser, announced his plans to retire at the end of the year.
“After such an exciting executive career I feel it is time for a change in my lifestyle and I am looking forward to have more time available for my family and private life,” said the 54 year old who has led the company since 2009.
Voser first joined Shell in 1982, but after 20 years left to become the chief financial officer of Asea Brown Boveri in Switzerland. He then returned to Shell as the new CFO after an accounting scandal saw the departure of the original CFO, Judy Boynton, and the CEO, Phillip Watts. In 2009 he was appointed the chief executive when Jeroen van der Veer retired.
During his time in charge Voser has pursued a strategy of investing in giant projects that would pay dividends for decades; such as the liquefied natural gas sector of the company, which he developed into the largest in the world, now accounting for nearly 50% of all Shell’s exploration and production revenues.
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Ian Pyle, an analyst at Bernstein Research, said that “Voser has done a good job for Shell. The company is left with a strong portfolio of projects and some large, long-term projects which should deliver strong stable cash flows for years to come.”
The NY Times has listed three candidates that may be selected to replace Voser from within Shell.
• Simon Henry, currently the chief financial officer, but has also worked as the head of investor relations, giving him the backing of shells investors.
• Andy Brown, joined Shell’s top management just a year ago as head of international exploration and production.
• Marvin Odum, head of exploration and production business in the Americas, and probably the most broadly experienced candidate.
By. James Burgess of Oilprice.com
James Burgess studied Business Management at the University of Nottingham. He has worked in property development, chartered surveying, marketing, law, and accounts. He has also…