Ben van Beurden is stepping down as the chief executive of Shell.
Van Beurden has achieved a lot for shareholders in his near-decade as chief executive of Shell. Principally, he has managed to navigate the company through some uncertain times as the world went ESG-crazy and businesses in the oil and gas industry were viewed as toxic entities not fit for the modern world.
He has helped to steer Shell towards renewable energy while at the same time capitalising on the sudden surge in the oil price as the world emerged from the pandemic and the Ukraine crisis sent ripples through the energy sector.
“The CEO can even be credited for making a transformational acquisition that unlike most deals didn’t haunt the business afterwards. Typically, large acquisitions don’t turn out the way buyers hoped, but Shell’s purchase of BG in 2016 was well-timed, giving it a much bigger position in gas and thereby enabling it to benefit from this year’s surge in the commodity price,” says Russ Mould, investment director at AJ Bell.
“Van Beurden’s resignation comes as Shell’s share price returns to pre-pandemic levels, illustrating how he has steadied the ship and now seems as good a time as any to pass the baton to a new leader.”