Wael Sawan will become Shell’s next CEO in January. 1.
Ina Fassbender | AFP | Getty Images
the oil giant shell announced Thursday that CEO 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 chief executive in January. 1.
The news follows speculation that Shell is actively seeking a successor to replace van Beurden as chief executive.
Reuters informed Shell’s board succession committee has met several times in recent months to develop plans for van Beurden’s departure and interview potential successors, two unnamed sources said in early September.
It has already been confirmed that Savan will take over.
Savan, a dual Lebanese-Canadian national, has been involved 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 meet great challenges and realize the opportunities presented by the energy transition,” Savan said in a statement, adding that he was honored to follow Van. Berden’s management.
“We will be disciplined and valuable as we work with our customers and partners to deliver the reliable, affordable and clean energy the world needs.”
Sawan, seen here speaking at an event in Germany in 2013, has been involved in downstream retail and various commercial projects during his 25-year career at Shell.
Adam Berry | Getty Images News | Getty Images
Shell shares were up 0.7% in early morning trading in London. The stock price is up more than 40% year-to-date.
Van Beurden, 64, joined Shell in 1983 and became CEO in 2014 after serving as director of the firm’s refining and chemicals business.
The outgoing CEO oversaw Shell’s biggest acquisition in decades A $53 billion acquisition of rival BG Group in 2016led the company historic collapse of energy demand As a result of the coronavirus pandemic and faced intensifying investor pressure reduce the firm’s greenhouse gas emissions.
“It has been a privilege and an honor to serve Shell for nearly 40 years 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 his successor. He is a smart, principled and dynamic leader who I know will continue to serve Shell with confidence and dedication,” he added.
Shell said van Beurden will continue to serve as an adviser to the Board until June 30 next year, after which he will leave the company.
