Shell Chief Peter Voser Stands Down As Oil Company Posts Profit Rise

Exit Sign

Peter Voser, the chief executive of Shell, has announced plans to stand down less than four years into the job.

He will leave in the first half of 2014 according to the Anglo-Dutch oil company, which announced the move on Thursday morning alongside a small increase in profits over the first quarter.

Voser, 54, has spent almost 10 years at Royal Dutch Shell, first as chief financial officer and then chief executive, but said it was time to go. "After such an exciting executive career I feel it is time for a change in my lifestyle and I am looking forward to have more time available for my family and private life," he said.

Shell's chairman, Jorma Ollila, said Voser's reign over the past four years had been "impressive", reorganising the company, delivering growth, and developing a clear forward strategy with a strong portfolio of new options.

Shell also reported revenues of $115bn (£74bn) in the first three months of 2013, roughly as much as the cost of running the NHS until the end of the year.

The oil company's profits on a current cost of supply basis came in at nearly $8bn – 4% up on the same quarter of 2012.

Shell is increasing the dividend by 5% to 0.45 cents per share, having spent $11bn rewarding investors over the past year.

Voser said the company had also spent $1.2bn buying back its shares in the last quarter.

The company has benefited from strong crude prices, although the price of oil fell 3% through the $100 a barrel level on Wednesday. This followed weak manufacturing data from the US and China, prompted fears of a downturn in the global economy.

The $115bn revenues recorded by Shell was lower than the almost $120bn for the same quarter of 2012, although that was restated for accounting reasons.

Powered by article was written by Terry Macalister, for on Thursday 2nd May 2013 10.06 Europe/London © Guardian News and Media Limited 2010


JefferiesAnd the Best Place to Work in the global financial markets 2018 is...

Register for HITC Business News