Wael Sawan will become Shell’s next CEO on January 1.
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Oil giant Shell announced Thursday that CEO Ben van Beurden will step down at the end of the year after nearly a decade at the helm.
Wael Sawan, currently Shell’s director of integrated gas, renewables and energy solutions, will become its next CEO on January 1.
The news follows speculation that Shell had been actively looking for a successor to replace van Beurden as CEO.
Reuters reported in early September, citing two unnamed sources, 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.
Sawan has now been confirmed to take over.
Sawan, a dual Canadian-Lebanese national, has held positions in retail and various commercial projects during his 25-year career at Shell.
“I look forward to channeling the pioneering spirit and passion of our incredible people to address the immense challenges and seize the opportunities presented by the energy transition,” Sawan said in a statement, adding that it was an honor to follow the Van. Beurden’s leadership.
“We will be disciplined and focus on value, as we work with our customers and partners to deliver the reliable, affordable and cleaner energy the world needs.”
Seen here speaking at an event in Germany in 2013, Sawan has held roles in retail and various commercial projects during his 25-year career at Shell.
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Shares in Shell rose 0.7% in morning deals in London. The stock price is up more than 40% year-to-date.
Van Beurden, 64, joined Shell in 1983 and became the company’s chief executive in 2014, after serving as director of the company’s refining and chemicals business.
The outgoing CEO oversaw Shell’s biggest acquisition in decades with its $53 billion buyout of rival BG Group in 2016, guiding the company through a historic collapse in energy demand as fallout of the coronavirus pandemic and faced intensifying pressure from investors to reduce the company’s greenhouse gas emissions. emissions
“It has been a privilege and an honor to have served Shell for nearly four decades and to lead the company for the past nine years,” said van Beurden.
“I am very proud of what we have achieved together. I have great confidence in Wael as my successor. He is an intelligent, principled and dynamic leader who I know will continue to serve Shell with conviction and dedication,” he added.
Shell said van Beurden will continue to serve as an adviser to the Board until June 30 next year, after which he will leave the company.