Ex-shell boss Van Beurden joins private equity giant
BEN VAN BEURDEN has joined US private equity giant KKR in his first corporate role since stepping down as Shell’s chief executive in 2022.
The former oil and gas executive is joining KKR, which is heavily invested in fossil fuels, to advise on the fund’s shift to net zero.
His appointment comes a week after Mr Van Beurden spoke in support of successor Wael Sawan’s suggestion that Shell may shift its stock exchange listing from London to New York.
Speaking at a conference in Switzerland, he said: “The company [Shell] is massively undervalued. The share price today is at an all-time high, but it could be significantly higher from where it is today.”
KKR said Mr Van Beurden would be tasked with advising on the green energy transition, in which the business has invested $15bn (£12bn).
This includes $750m in London-based Zenobe, an EV charging network, and $1bn in US solar developer Avantus.
Brandon Freiman, the head of North American infrastructure at KKR, told the Financial Times that Mr Van Beurden’s record in moving Shell, one of the world’s largest energy companies, towards more sustainable operations would be valuable.
He said: “He was the leader in driving Shell’s strategic transformation, transitioning it across oil and gas, renewables, sustainable aviation and transportation.”
However, KKR has been widely criticised by environmental groups for investing in and promoting fossil fuels.
A report from the campaign group Americans for Financial Reform last year said: “In recent years, KKR has invested at least $9bn in a minimum of 14 projects related to the transportation and storage of gas and LNG, such as pipelines and storage terminals.”
Another report from the Chicago-based private equity stakeholder project said: “About 78pc of KKR’S energy portfolio companies are invested in fossil fuels.
“Despite claims to being a more responsible company than other fossil fuel operators, their claims to environmental stewardship, health and safety, and community engagement appear hollow.”
Mr Van Beurden worked for Shell for 39 years, including a decade spent as chief executive.
KKR said he started working parttime with the business in January, advising its infrastructure investment unit on future climate strategy.