The power giant’s head of integrated gas and renewables, Wael Sawan, will succeed departing CEO Ben van Beurden at the close of the year, according to a statement released by Shell on Thursday. According to London-based Shell, Van Beurden, who has served in charge for nine years, will step down on January 1, 2023. However, he will remain on the board as an advisor through June.
What about the 2nd Half of 2022?
In the second half of 2022, Shell reported record profits of $11.5 billion, helped by rising oil and gas prices. Shell announced plans in February 2021 to hasten the process of achieving net-zero carbon emissions by that year. Those were goals to cut net carbon intensity by 6-8% by 2023, 20% by 2030, 45% by 2035, and ultimately 100% by 2050. Early trading saw the stock, which has increased 45% this year, move 0.5% higher.
According to Van Beurden, serving Shell for nearly 40 years and leading the industry for the last nine years has been a joy and an honor. He is incredibly proud of what they have accomplished as a team. In his opinion, Wael will be a fantastic replacement for him. Beurden is confident that Wael will continue to serve Shell with passion and dedication, as he is a knowledgeable, conscientious, and dynamic leader.
