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Royal Dutch Shell plc Message Board

  • jpmhedgefund jpmhedgefund May 2, 2013 5:48 AM Flag

    Shell CEO Voser to retire in 2014: company first quarter profit dips on lower oil prices


    Not a very good news????

    Shell CEO Voser to retire in 2014
    Shell CEO Voser to retire in 2014; company first quarter profit dips on lower oil prices

    By Toby Sterling, Associated Press | Associated Press – 55 minutes ago

    AMSTERDAM (AP) -- Royal Dutch Shell PLC said Monday Chief Executive Peter Voser will step down in early 2014 as it reported lower first-quarter profits in the wake of a decline in oil prices.
    The departure comes as a surprise, as Voser is just 54 years old and is well-regarded within the industry. The company did not specify why he has decided to leave.
    Voser has led Shell since July 2009, investing heavily in new production. In particular he has focused on expanding the company's presence in liquefied natural gas, or LNG, which can be transported without pipelines.
    The company also became Europe's largest oil company by market capitalization on his watch, as major rival BP PLC struggled to recover after its massive 2010 oil spill in the Gulf of Mexico. Among independent oil companies globally, only ExxonMobil is larger.
    Chairman Jorma Ollila praised Voser for "reorganizing the company, delivering growth, and developing a clear forward strategy with a strong portfolio of new options."
    He said a search for a new CEO is underway, with candidates inside and outside the company under consideration.

    Sentiment: Strong Sell

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