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Leaving a sinking ship: Royal Dutch Shell Plc

Screen Shot 2014-06-09 at 14.58.51Bichsel will undoubtedly leave shortly, joining Ollila, Rees, Brown, Brinded, Voser, Finlayson, Carne… And when everything starts to collapse, he will at least now have the satisfaction of saying “I told you so”. This is typical for a coward…

By John Donovan

Earlier today Reuters published comments attributed to Royal Dutch Shell Plc Executive Director, Matthias Bichsel.

Extract

“There is always so much talk about these big LNG projects around the world, but only a small fraction of them will get built,” said Matthias Bichsel, who is also a member of Shell’s Executive Committee.

The Financial Times has this weekend pointed put “the company’s leadership is changing at a time when its financial performance has been under scrutiny from investors” and also drew attention to the recent profit warning, following a succession of dismal quarterly results. 

As a consequence, we have received the following comments from our sources:

Bichsel is the oldest member of the EC, and last year promised that he would be retiring shortly (and therefore was not interested in replacing Voser).

But suggesting that gas is only marginally profitable and that big projects tend to fail to meet their targets is definitely not part of the Shell hymn sheet.

Bichsel will undoubtedly leave shortly, joining Ollila, Rees, Brown, Brinded, Voser, Finlayson, Carne… And when everything starts to collapse, he will at least now have the satisfaction of saying “I told you so”.

This is typical for a coward, just before leaving making such a statement. If it goes well (which I don’t think so) everyone will have forgotten, if it goes bad, he can claim ‘I told you so’. But the only consolation is that we were first to state that Prelude is likely to end up in a disaster…. And I trust John will be pointing this out at the appropriate time?

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