Oil giant Shell on Thursday announced that CEO Ben van Beurden will step down at the end of 2022 after a 39-year tenure with the company.
“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,” Beurden said in a statement.
Wael Sawan, currently Shell’s director of integrated gas, renewables and energy solutions, will succeed Beurden as Shell’s new CEO on Jan. 1. A dual Lebanese-Canadian national, Sawan has held roles in downstream retail and various commercial projects during his 25-year career at Shell.
“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,” Sawan said in a statement.
The news follows speculation that Shell had been actively looking for a successor to replace van Beurden as Shell’s boss. In September 2022, Reuters reported that Shell’s board succession committee had met several times in recent months to draw up plans for van Beurden’s departure and interview potential successors.
Beurden oversaw Shell’s biggest acquisition in decades with the $53 billion purchase of rival BG Group in 2016. He also guided the company through a historic collapse in energy demand as a result of the coronavirus pandemic, and faced intensifying investor pressure to slash the firm’s greenhouse gas emissions.
Shell’s Chair Sir Andrew Mackenzie said Beurden leaves behind a “financially strong and profitable company with a robust balance sheet, very strong cash generation capability and a compelling set of options for growth.”
