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Shell CEO will Retire Next Year, Selection Board Identifies Successor

Photo Credit: Shell

Ben van Beurden, the current CEO of Shell, stated that he would step down from his position in the latter part of the year. For almost ten years, Beurden has worked as the CEO of the business. Instead, Wael Sawan, who is now the department’s director of integrated gas, and renewable energy, will take over on January 1 of the following year.

The announcement was released in answer to suspicions that Shell planned to change its executive team. The declaration affirmed the adjustment. Changes won’t happen overnight, though, as the firm will still be run for at least three more months by current CEO van Beurden.

According to media sources, the Shell Board Succession Committee reportedly met often to plan van Beurden’s dignified departure. The group reportedly addressed his potential replacement as well, said sources.

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Under Sawan’s leadership

Wael Sawan, who will take over as Shell’s new company leader the following year, has been employed with the organization for over 25 years. Having worked in divisions dedicated to such activities, the Lebanese-Canadian national is skilled in commercial projects and downstream retail.

“I’m looking forward to channeling the pioneering spirit and passion of our incredible people to rise to the immense challenges and grasp the opportunities presented by the energy transition,” stated Sawan.

He continued by stating that it is an honor to be following van Beurden’s outstanding leadership and that he will make every effort to take the business to new heights.

“We will be disciplined and value-focused as we work with our customers and partners to deliver the reliable, affordable and cleaner energy the world needs,” added Sawan.

Beurden’s leadership in Shell

Recently, Shell’s stock rose 0.7%, leading to the company’s share price’s 40% increase since the year’s start.

Van Beurden, who joined the organization in 1983 and is now 64, has contributed significantly to Shell. In 2014, he was named CEO. Before his executive post, he served as a director in numerous Shell divisions, notably the department of refining and chemicals.

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After negotiating a $53 billion acquisition arrangement with major rival BG Group under his direction, Shell made the company’s biggest acquisition in 2016. Van Beurden also remained composed despite the difficulties the epidemic provided.

“It has been a privilege and an honor to have served Shell for nearly four decades and to lead the company for the past nine years,” van Beurden said.

“I am very proud of what we have achieved together. I have great confidence in Wael as my successor. He is a smart, principled and dynamic leader, who I know will continue to serve Shell with conviction and dedication.”

According to Shell, van Beurden could stay as a Board advisor for the organization until June 2023. After that, he will no longer be a part of the organization.

Source: CNBC

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