Shell said on Thursday that CEO Ben van Beurden will step down at the end of the year after nearly a decade in charge.
Wael Sawan, currently Shell’s director of integrated gas, renewables, and energy solutions, will take over as CEO on January 1.
Sawan, a dual Lebanese-Canadian national, has worked at Shell for 25 years, holding positions in downstream retail and numerous commercial ventures.
Shell said on Thursday that CEO Ben van Beurden will step down at the end of the year after nearly a decade in charge.
Wael Sawan, currently Shell’s director of integrated gas, renewables, and energy solutions, will take over as CEO on January 1.
The announcement comes after reports that Shell was actively looking for a replacement for van Beurden as CEO.
According to Reuters, which cited two anonymous individuals, Shell’s board succession committee met multiple times in recent months to plan for van Beurden’s exit and interview potential successors.
Sawan has now been confirmed to take over.
Sawan, a dual Lebanese-Canadian national, has worked at Shell for 25 years, holding positions in downstream retail and numerous commercial ventures.
I’m excited to use the pioneering spirit and passion of our outstanding people to rise to the enormous challenges and seize the opportunities given by the energy transition,” Sawan said in a statement, adding that it was a pleasure to succeed van Beurden.
We will be disciplined and value-focused as we collaborate with our customers and partners to provide the world with the reliable, cheap, and cleaner energy it requires.
Shell’s stock increased 0.7% in early morning trading in London. Year to date, the stock price is up more than 40%.
Van Beurden, 64, joined Shell in 1983 and was named CEO in 2014, after previously serving as director of the company’s refining and chemicals unit.
The outgoing CEO supervised Shell’s largest acquisition in decades, the $53 billion purchase of rival BG Group in 2016, managed the company through a historic drop in energy consumption due to the coronavirus epidemic, and faced increasing investor pressure to reduce the firm’s greenhouse gas emissions.
“It’s been a privilege and an honour to serve Shell for nearly four decades and to lead the company for the past nine years,” van Beurden said.
“I am quite proud of what we have accomplished together.” Wael has my full trust as my successor. “He is a clever, principled, and energetic leader, and I am certain that he will continue to serve Shell with passion and dedication,” he continued.
Van Beurden will remain with Shell as an advisor to the Board until June 30 of next year, following which he will leave the firm.
