Action Investments Limited – Breaking News - Oil giant Shell appoints renewables head as boss

HONG KONG - Sept. 15, 2022 - PRLog -- Mr van Beurden will to step down at the end of 2022, and be replaced by Wael Sawan.

Mr Sawan, a dual Lebanese-Canadian national who previously led Shell's oil and gas production business, was seen as a favourite to take the top job.

He now oversees Shell's growth into low carbon energies as well as its giant gas business.

Mr Sawan said he would "grasp the opportunities presented by the energy transition".

"We will be disciplined and value focused as we work with our customers and partners to deliver the reliable, affordable and cleaner energy the world needs," he said.

Shell's chairman, Sir Andrew Mackenzie, said Mr van Beurden had "been in the vanguard for the transition of Shell to a net-zero emissions energy business by 2050 and has become a leading industry voice on some of the most important issues affecting society".

Mr van Beurden was in charge when Shell bought gas giant BG Group for £36bn in 2015, and when the firm moved its headquarters to London earlier this year.

He also oversaw Shell's commitment to reduce oil production and cut emissions by 2050.

Ben van Beurden spent his entire career at Shell and was chief executive for the last nine years.

His lasting legacy will be the acquisition of gas giant BG group for $52bn (£36bn) in 2015.

This turbocharged Shell's gas and LNG business just before many nations decided that gas would be their transition fuel between coal and greener alternatives, creating bumper profits for the group that delighted shareholders and scandalised activists and some politicians.

Mr van Beurden also set the oil giant on its transformation from an oil and gas company to an energy company, with a long-term focus on becoming a carbon neutral company by 2050.

A couple of years ago this position had some shareholders fearing he was off-message, and behind the zeitgeist, but the current crisis and the international scramble for gas to replace Russian supplies left him looking right and the company in a very strong position.

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