Shell chief executive Ben van Beurden to step down

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Change at top of UK’s most valuable company is 18th FTSE 100 CEO resignation announced in 2022

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Shell CEO Ben van Burden is stepping down as Britain’s most valuable company.

He will be replaced at the end of the year by a fellow company insider, Val Savon, who will step down from its gas and renewables division.

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Van Burden, 64, has run the oil company since January 2014 and moved its main corporate headquarters from the Netherlands to London, after simplifying its complicated Anglo-Dutch dual-listing structure, which the city’s investors have long wanted. .

During his time in charge, Shell also acquired BG Group for $52 billion. It adapts to the impact of the Paris climate change agreement through cutting carbon emissions and the production of conventional fuels from crude oil to liquefied natural gas (LNG), a Dutch court ruled that should accelerate. He was paid just over £6 million in 2021.

Van Burden said: “In my journey from LNG design engineer to CEO, I have had the privilege of working with so many talented people from diverse backgrounds – all committed to the company’s goal of providing the world with the essentials of modern life. Huh.”

He recently opposed Shell’s label as an oil major, preferring the term “energy transition company”. But following Russia’s invasion of Ukraine, governments have called for greater use of fossil fuels, including oil and gas from the North Sea, to improve Europe’s energy security.

Van Burden, who joined Shell in 1983, will remain on as an advisor to the board until mid-2023. He became the eighteenth FTSE 100 CEO and one of the biggest names on the list to announce his decision to step down in 2022.

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