Shell’s CEO Ben van Beurden steps down as head of the company. Wael Sawan, the company’s head of renewable energy, will take over his place.
Ben van Beurden, the CEO of oil giant Shell, said on Thursday that he would leave his position at the end of the year after serving for over ten years.
On January 1, Wael Sawan, who now serves as Shell’s director of integrated gas, renewable energy, and energy solutions, will take over as the company’s next CEO.
The information confirms rumors that Shell has been actively seeking a replacement for van Beurden as CEO.
Shell’s board succession committee convened many times in recent months to work on plans for van Beurden’s exit and interview potential successors, according to a Reuters article from the beginning of September that cited two anonymous individuals.
However, Sawan will take over, that much is now certain.
Sawan, a dual citizen of Lebanon and Canada, has worked with Shell for 25 years, holding positions in downstream retail and numerous commercial ventures.
Moreover, Sawan said in a statement that it was an honor to succeed van Beurden as leader and added, “I’m looking forward to channeling the pioneering spirit and enthusiasm of our outstanding people to rise to the immense difficulties, and grab the opportunities given by the energy revolution.”
“As we collaborate with our customers and partners to provide the dependable, affordable, and greener energy the world needs, we will be disciplined and value-driven.”
Nevertheless, during early morning trading in London, shares of Shell increased 0.7%. Year to date, the stock price has increased by more than 40%.
Van Beurden, 64, started working for Shell in 1983 and was appointed director of the company’s chemicals and refining division before becoming CEO in 2014.
Furthermore, the departing CEO oversaw Shell’s $53 billion acquisition of rival BG Group in 2016, which was the company’s largest acquisition in decades.
He also led the company through a historic decline in energy demand caused by the coronavirus pandemic and increased investor pressure to reduce the company’s greenhouse gas emissions.
In the end, Van Beurden will remain with Shell as a board advisor through June 30 of next year, at which point he will leave the organization, according to Shell.
