Shell chief to step down next year

THE boss of oil and gas giant Shell is preparing to step down after nearly a decade in charge, handing over the reins at a pivotal time for the sector.

Ben van Beurden will leave next year, according to Reuters, which said chairman Andrew Mackenzie has drawn up a shortlist of successors including Wael Sawan, Shell’s head of gas and renewables.

Mr Sawan, seen as the frontrunner, previously led the oil and gas business and now oversees its low carbon energy business. Sinead Gorman, chief financial officer, and Huibert Vigeveno, head of the downstream business, are also contenders.

Mr Van Beurden, 64, joined Shell in 1983 and took over as chief executive in 2014, driving the company’s £47bn takeover of BG Group in 2016 and setting it on a course to developing cleaner energy. His departure comes amid turmoil in the energy sector driven by the war in Ukraine, which has boosted Shell’s profits from oil and gas sales but also forced it to cut ties with Russia.

The sector is also grappling with the shift towards lower carbon energy, with oil and gas firms starting to move into the trickier terri- tory of wind power and hydrogen production.

Mr Van Beurden has made several big decisions in the past two years, including moving the HQ from The Hague to London and committing to cutting emissions to net zero by 2050.

He has had to chart a path amid competing pressures from shareholders, anti-oil and gas campaigners, and politicians, all with different views on how far and fast Shell should go in diversifying from oil and gas.

His successor is likely to face ongoing pressure over carbon emissions, as well as heightened focus on energy security.