Energy and oil giant Shell CEO Ben van Beurden to step down at the end of 2022

Britain’s energy company, Shell, has announced that CEO Ben van Beurden is set to step down at the end of 2022 to allow a new leader. 
 
The energy giant also announced that head of integrated gas, renewables, and energy solutions director Wael Sawan will take over from van Beurden who vacates his office after nine years at the helm. 
 
Shell announced the news on Thursday that the outgoing CEO has left the company in good standing when it comes to finances. 
 
“The company can look back with great pride on an extraordinary 39-year Shell career,” said chairman Andrew Mackenzie. 
 
“During the last decade, he has been in the vanguard for the transition of Shell to a net-zero emissions energy business by 2050. 
 
“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.” 
 
Van Beurden, 64, has presided over a tumultuous time at the energy titan, weathering collapsing oil prices in 2020 as Covid-19 lockdowns ravaged demand, with the market briefly turning negative. 
 
To compound the challenges, prices have since rebounded sharply due to the Ukraine war and after countries lifted pandemic lockdowns. 
 
Furthermore, the company’s net profits rocketed more than five-fold to $18 billion in the second quarter of 2022 and that is according to Moneyweb and EWN. 
 
Despite facing challenges in his tenure, Shell simplified its name, and structure and outlined plans to slash greenhouse gas emissions last year. 
 
The group switched headquarters from the Netherlands to the United Kingdom and dropped Royal Dutch from its name – Sawan’s appointment comes as the oil giant attempts to pivot toward being a net-zero emissions business, despite criticism from the environmental campaigners who accuse it of corporate greenwashing. 

Van Beurden will continue to work as an advisor to the board until 30 June, when he will eventually leave the group under Sawan’s leadership. 
 
Main Image: Ben van Beurden/Shell