Ina Fassbender | Afp | Getty Images Oil giant Shell announced Thursday that chief executive Ben van Beurden will step down at the end of the year after nearly a decade at the helm. Wael Sawan, currently Shell’s director of integrated gas, renewables and energy solutions, will become its next CEO on January 1. The news follows speculation that Shell was actively looking for a successor to replace van Beurden as chief executive. Reuters reported in early September, citing two unnamed sources, that Shell’s board succession committee met several times in recent months to draw up plans for van Beurden’s departure and interview potential successors. It has now been confirmed that Sawan will be taking over. A dual Lebanese-Canadian citizen, Sawan has held roles in downstream retail and various commercial projects during his 25-year career at Shell. “I look forward to channeling the pioneering spirit and passion of our incredible people to tackle the enormous challenges and seize the opportunities presented by the energy transition,” said Sawan, adding that it was an honor to follow Burden’s leadership. . “We will be disciplined and focused on value as we work with our customers and partners to deliver the reliable, affordable and cleaner energy the world needs.” Sawan, speaking here at an event in Germany in 2013, has held roles in downstream retail and various commercial projects during his 25-year career at Shell. Adam Berry | News Getty Images | Getty Images Shell shares were up 0.7 percent in early morning deals in London. The stock price is up more than 40% year-to-date. Van Beurden, 64, joined Shell in 1983 and became the company’s CEO in 2014 after serving as director of the company’s refining and chemicals businesses. The outgoing CEO oversaw Shell’s biggest takeover in decades with its $53 billion purchase of rival BG Group in 2016, guided the company through a historic collapse in energy demand as a result of the coronavirus pandemic and faced mounting investor pressure to cut the company’s greenhouse gases. emissions. “It has been a privilege and an honor to serve Shell for nearly four decades and to lead the company for the past nine years,” said van Beurden. “I am very proud of what we have achieved together. I have great confidence in Wael as my successor. He is an intelligent, principled and dynamic leader who I know will continue to serve Shell with conviction and dedication,” he added. Shell said van Beurden will continue to work as an adviser to the board until June 30 next year, after which he will leave the company.
