TIDMSHELL
Shell Chief Executive Officer Ben van Beurden to step down, Wael
Sawan appointed as his successor
LONDON, September 15, 2022 -- Shell plc ("Shell") today
announced that Ben van Beurden will step down as Chief Executive
Officer (CEO) at the end of 2022, and that his successor will be
Wael Sawan. Wael's appointment is effective January 1, 2023*, when
he will also join Shell's Board of Directors. Ben van Beurden will
continue working as adviser to the Board until June 30, 2023, after
which he will leave the group.
Shell's Chair, Sir Andrew Mackenzie said: "Wael Sawan is an
exceptional leader, with all the qualities needed to drive Shell
safely and profitably through its next phase of transition and
growth. His track record of commercial, operational and
transformational success reflects not only his broad, deep
experience and understanding of Shell and the energy sector, but
also his strategic clarity. He combines these qualities with a
passion for people, which enables him to get the best from those
around him. The outcome of the Board's managed succession process
resulted both in the appointment of an outstanding CEO and proved
the strength and depth of Shell's leadership talent. I look forward
to working with Wael as we accelerate the delivery of our
strategy."
Wael Sawan said: "It's been a privilege to work alongside Ben
and I'm honoured to take over the leadership of this great company
from him. I'm looking forward to channelling the pioneering spirit
and passion of our incredible people to rise to the immense
challenges, and 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."
Commenting on Ben van Beurden, Sir Andrew said: "Ben can look
back with great pride on an extraordinary 39-year Shell career,
culminating in nine years as an exceptional CEO. During the last
decade, he has 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.
"He leaves a financially strong and profitable company with a
robust balance sheet, very strong cash generation capability and a
compelling set of options for growth. These were all enabled by
bold moves he has led, including the 2016 acquisition of BG and the
transformational $30 billion divestment of non-core assets that
followed. He took firm, decisive action to marshal the company
through the global pandemic, seizing the opportunity for a major
reset to ensure we emerged fitter, stronger and equipped to succeed
in the energy transition. Powering Progress, Shell's detailed
strategy to accelerate our profitable transition to a net-zero
emissions energy business by 2050, was unveiled in February 2021
and was quickly followed by moves to simplify both our
organisational and share structures. Ben's legacy will frame
Shell's success for decades to come."
Ben van Beurden said: "It has been a privilege and an honour to
have served Shell for nearly four decades and to lead the company
for the past nine years. In my journey from LNG design engineer to
CEO, I have been fortunate to work alongside so many talented
people from diverse backgrounds -- all committed to the company's
goal of providing the world with the essential commodities of
modern life. I am very proud of what we have achieved together. I
have great confidence in Wael as my successor. He is a smart,
principled and dynamic leader, who I know will continue to serve
Shell with conviction and dedication. I wish him and his family all
the best for the journey ahead."
Pursuant to Listing Rule 9.6.13(1) to (6) inclusive, there is no
information to disclose regarding Wael Sawan.
Notes to Editors:
About Wael Sawan
Wael is currently the Director Integrated Gas, Renewables and
Energy Solutions, and was previously the Director Upstream. He is
based in The Hague and has been a member of Shell's Executive
Committee (EC) for three years. Prior to joining EC, he was the
Executive Vice President Deepwater and a member of the Upstream
Leadership Team, and Executive Vice President Qatar and a member of
the Integrated Gas Leadership Team. He has worked in Europe,
Africa, Asia and the Americas during his 25-year Shell career, and
has also held roles in Downstream Retail, and in various commercial
and New Business Development projects. Wael was born in Beirut,
Lebanon, and is a dual Lebanese-Canadian national. He grew up in
Dubai and holds a Master's degree in Chemical Engineering from
McGill University in Montreal and an MBA from Harvard Business
School. He is married to Nicole and they have three sons.
About Ben van Beurden
Ben has been Shell CEO since January 1, 2014. Previously he was
Downstream Director from January to September 2013 and Executive
Vice President Chemicals from 2006 to 2012. Prior to this, he held
a number of operational and commercial roles in both Upstream and
Downstream, including Vice President Manufacturing Excellence. He
joined Shell in 1983, after graduating with a Master's degree in
Chemical Engineering from Delft University of Technology, the
Netherlands. Ben is married to Stacey. He has four children.
Ben joined the Supervisory Board of Mercedes-Benz Group AG in
April 2021.
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https://www.shell.com/fact-sheet-q2-2022-results-announcement.html
Fact sheet reflects slide 7 of the second quarter 2022 results -
Quarterly slides pack available on
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www.shell.com
The information required to be disclosed under section 430(2B)
of the Companies Act 2006 in relation to Ben van Beurden will be
available on the Group's website in due course.
*The appointment is subject to approval by the Dutch Authority
for the Financial Markets (AFM). This condition relates to Shell
Asset Management Company B.V. (SAMCo), a subsidiary of Shell plc
and the in-house asset manager for a number of pension funds;
captive insurance companies; and a charity foundation, all related
to the Shell Group. SAMCo is licensed and supervised by the AFM
and, consequently, the prospective appointment of an executive
director of Shell plc requires the AFM's approval.
Enquiries
Media International: +44 (0) 20 7934 5550
Media Americas: +1 832 337 4355
Cautionary Note
The companies in which Shell plc directly and indirectly owns
investments are separate legal entities. In this announcement
"Shell", "Shell Group" and "Group" are sometimes used for
convenience where references are made to Shell plc and its
subsidiaries in general. Likewise, the words "we", "us" and "our"
are also used to refer to Shell plc and its subsidiaries in general
or to those who work for them. These terms are also used where no
useful purpose is served by identifying the particular entity or
entities. "Subsidiaries", "Shell subsidiaries" and "Shell
companies" as used in this announcement refer to entities over
which Shell plc either directly or indirectly has control. Entities
and unincorporated arrangements over which Shell has joint control
are generally referred to as "joint ventures" and "joint
operations", respectively. "Joint ventures" and "joint operations"
are collectively referred to as "joint arrangements". Entities over
which Shell has significant influence but neither control nor joint
control are referred to as "associates". The term "Shell interest"
is used for convenience to indicate the direct and/or indirect
ownership interest held by Shell in an entity or unincorporated
joint arrangement, after exclusion of all third-party interest.
Forward-Looking Statements
This announcement contains forward-looking statements (within
the meaning of the U.S. Private Securities Litigation Reform Act of
1995) concerning the financial condition, results of operations and
businesses of Shell. All statements other than statements of
historical fact are, or may be deemed to be, forward-looking
statements. Forward-looking statements are statements of future
expectations that are based on management's current expectations
and assumptions and involve known and unknown risks and
uncertainties that could cause actual results, performance or
events to differ materially from those expressed or implied in
these statements. Forward-looking statements include, among other
things, statements concerning the potential exposure of Shell to
market risks and statements expressing management's expectations,
beliefs, estimates, forecasts, projections and assumptions. These
forward-looking statements are identified by their use of terms and
phrases such as "aim", "ambition", "anticipate", "believe",
"could", "estimate", "expect", "goals", "intend", "may",
"milestones", "objectives", "outlook", "plan", "probably",
"project", "risks", "schedule", "seek", "should", "target", "will"
and similar terms and phrases. There are a number of factors that
could affect the future operations of Shell and could cause those
results to differ materially from those expressed in the
forward-looking statements included in this announcement, including
(without limitation): (a) price fluctuations in crude oil and
natural gas; (b) changes in demand for Shell's products; (c)
currency fluctuations; (d) drilling and production results; (e)
reserves estimates; (f) loss of market share and industry
competition; (g) environmental and physical risks; (h) risks
associated with the identification of suitable potential
acquisition properties and targets, and successful negotiation and
completion of such transactions; (i) the risk of doing business in
developing countries and countries subject to international
sanctions; (j) legislative, judicial, fiscal and regulatory
developments including regulatory measures addressing climate
change; (k) economic and financial market conditions in various
countries and regions; (l) political risks, including the risks of
expropriation and renegotiation of the terms of contracts with
governmental entities, delays or advancements in the approval of
projects and delays in the reimbursement for shared costs; (m)
risks associated with the impact of pandemics, such as the COVID-19
(coronavirus) outbreak; and (n) changes in trading conditions. No
assurance is provided that future dividend payments will match or
exceed previous dividend payments. All forward-looking statements
contained in this announcement are expressly qualified in their
entirety by the cautionary statements contained or referred to in
this section. Readers should not place undue reliance on
forward-looking statements. Additional risk factors that may affect
future results are contained in Shell plc's Form 20-F for the year
ended December 31, 2021 (available at
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www.sec.gov). These risk factors also expressly qualify all
forward-looking statements contained in this announcement and
should be considered by the reader. Each forward-looking statement
speaks only as of the date of this announcement, September 15,
2022. Neither Shell plc nor any of its subsidiaries undertake any
obligation to publicly update or revise any forward-looking
statement as a result of new information, future events or other
information. In light of these risks, results could differ
materially from those stated, implied or inferred from the
forward-looking statements contained in this announcement.
Shell's net carbon footprint
Also, in this announcement we may refer to Shell's "Net Carbon
Footprint" or "Net Carbon Intensity", which include Shell's carbon
emissions from the production of our energy products, our
suppliers' carbon emissions in supplying energy for that production
and our customers' carbon emissions associated with their use of
the energy products we sell. Shell only controls its own emissions.
The use of the term Shell's "Net Carbon Footprint" or "Net Carbon
Intensity" are for convenience only and not intended to suggest
these emissions are those of Shell plc or its subsidiaries.
Shell's net-Zero Emissions Target
Shell's operating plan, outlook and budgets are forecasted for a
ten-year period and are updated every year. They reflect the
current economic environment and what we can reasonably expect to
see over the next ten years. Accordingly, they reflect our Scope 1,
Scope 2 and Net Carbon Footprint (NCF) targets over the next ten
years. However, Shell's operating plans cannot reflect our 2050
net-zero emissions target and 2035 NCF target, as these targets are
currently outside our planning period. In the future, as society
moves towards net-zero emissions, we expect Shell's operating plans
to reflect this movement. However, if society is not net zero in
2050, as of today, there would be significant risk that Shell may
not meet this target.
Forward Looking Non-GAAP measures
This announcement may contain certain forward-looking non-GAAP
measures. We are unable to provide a reconciliation of these
forward-looking non-GAAP measures to the most comparable GAAP
financial measures because certain information needed to reconcile
those Non-GAAP measures to the most comparable GAAP financial
measures is dependent on future events some of which are outside
the control of Shell, such as oil and gas prices, interest rates
and exchange rates. Moreover, estimating such GAAP measures with
the required precision necessary to provide a meaningful
reconciliation is extremely difficult and could not be accomplished
without unreasonable effort. Non-GAAP measures in respect of future
periods which cannot be reconciled to the most comparable GAAP
financial measure are calculated in a manner which is consistent
with the accounting policies applied in Shell plc's consolidated
financial statements.
The contents of websites referred to in this announcement do not
form part of this announcement.
We may have used certain terms, such as resources, in this
announcement that the United States Securities and Exchange
Commission (SEC) strictly prohibits us from including in our
filings with the SEC. Investors are urged to consider closely the
disclosure in our Form 20-F, File No 1-32575, available on the SEC
website www.sec.gov.
This announcement contains inside information.
September 15, 2022
Contacts:
Caroline Omloo, Company Secretary
LEI number of Shell plc: 21380068P1DRHMJ8KU70
Classification: Inside Information
(END) Dow Jones Newswires
September 15, 2022 02:00 ET (06:00 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
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