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Shell: the owner of the gas division goes, rumor of reorganization

Linda Cook, boss of the division gas and energy “of Shell, on 2 July 2008 in Madrid

LONDON (AFP) – Shell announced Tuesday that Linda Cook, patroness of the division gas and energy giant Anglo-Dutch oil and candidate in the general direction, leave office on 1 June, a start could be the prelude a major reorganization.

This will precede the start of the new CEO of Shell, the current finance director Peter Voser, scheduled for July 1st. The latter was preferred to Linda Cook and other candidates, including Malcolm Brindred, leader of the division “exploration and production”, to succeed Jeroen van der Veer. 

According to analysts, the announced departure of Linda Cook reflects Mr. Voser to make its mark without delay and to renew the framework of the group, even for a reorganization of its activities. 

Peter Hutton, the firm NCB, said that the resignation was “not unusual” on the part of a candidate aligned, adding that Linda Cook was deemed not to get along with Mr. Voser. 

However, he said the other main internal candidate for the post of general manager, Malcolm Brindred far to experience a similar fate, could not see its position strengthened by the departure of Ms. Cook, and recover all or part of its functions. 

“Peter Voser might seek to merge the gas and energy division in the upstream division + + (the industry” exploration and production “, ie), as is the case with the rival groups BP and Total, in order to generate economies of operation, “he anticipated. 

Meanwhile, the website royaldutchshellplc.com, led by Alfred and John Donovan, former employees opposed to the direction of the oil group, has confirmed these speculations, saying that Mr Voser would announce an overhaul of the organizational group Thursday, after a two-day meeting of the principals of the company to be held in Berlin. 

According to the site, said that based on internal sources of Shell, Mr Voser actually announce that day the integration of gas and energy division in the upstream division, and the disappearance of certain centers and regional decision removing a third of the senior group.

SOURCE ARTICLE IN FRENCH (THE ABOVE IS A TRANSLATION INTO ENGLISH)

Shell clears way for senior shake-up

Financial Times

By Ed Crooks and John O’Doherty

Published: May 26 2009 09:54 | Last updated: May 26 2009 18:53

Royal Dutch Shell cleared the way for a management shake-up under its new chief executive on Tuesday as expectations mounted that Europe’s biggest oil company will soon unveil a wide-ranging restructuring.

Shell announced the sudden departure of Linda Cook, head of the gas and power division, by “mutual agreement”.

Linda Cook

Linda Cook is stepping down from the board of Royal Dutch Shell

The news came as Shell’s top 200 managers gathered in Berlin for a two-day meeting, at which the company is expected to announce restructuring plans.

Shell executives said on Tuesday that they expected the reorganisation to include a merger of the gas and power and exploration and production divisions.

Royaldutchshellplc.com, an independent website used by Shell staff, on Tuesday said more than 30 per cent of senior management were expected to go.

The shake-up is the first set of changes to be brought about by Peter Voser, Shell’s former chief financial officer who is now chief executive-designate. He takes over as chief executive on July 1.

Mr Voser, the candidate favoured by investors and analysts when he was appointed last year, is expected to push for cost cuts. The company’s debt is set to rise sharply this year, albeit from a low base, as it funds its ambitious investment programme.

Shell declined to comment on the sudden departure of Ms Cook, who, since 2004, has led the group’s gas and power division, including the fast-growing liquefied natural gas business.

Ms Cook, who was one of the contenders last year to take over as chief executive, had been a strong supporter of the case for keeping gas and power as a separate division.

She will forgo a loyalty bonus of more than £800,000 ($1.3m) by leaving. However, the payment she receives on departure may offset that loss. The company refused to give details.

Jeroen van der Veer, current chief executive, paid tribute to Ms Cook, who joined Shell in Houston in 1980, for her “many important contributions to the success of our company”.

Ms Cook said: “There is a lot to be proud of, in particular with respect to what the Shell team has achieved in global natural gas growth and the foundation we have built for the future.”

Last week, Shell suffered an embarrassing vote of no confidence from shareholders who voted down the company’s executive pay plan.

EDITOR’S CHOICE

BP and Russians put nominees forward - May-26

Copyright The Financial Times Limited 2009

Former Shell Exec Paddy Briggs comments on Linda Cook departure

By Paddy Briggs

Cook’s departure is ego-driven. She lost out – so she walks away in a huff. But then that’s what you do when the only thing that matters is self-aggrandisement. What charecterises Shell head honchos in recent times is that it is all about self. Power, position, perks and obscenely inflated bonuses and rewards – and to hell with the business or the tradition or the history of this once great company and once respected brand. And to hell with the stakeholders as well. Suppliers, Partners, local communities, employees, pensioners and society at large are the disposable small fry in the selfish and self-centered world of Van Der Veer, Cook, Brinded and the rest.

Shell gas chief exits after losing race for top job

Linda Cook, head of gas and power of Shell, the oil giant, will leave the company after missing out in the race to become chief executive and will forfeit a “loyalty” bonus of £800,000.

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Shell’s top gas executive, Linda Cook, resigns ahead of CEO change

Los Angeles Times

TOBY STERLING, AP Business Writer 
3:13 AM PDT, May 26, 2009
AMSTERDAM (AP) — Shell’s top gas executive and highest-ranking woman, Linda Cook, is stepping down June 1, the company said Tuesday, without giving a reason. 

Cook, 50, had sometimes been mentioned as a possible successor to Chief Executive Jeroen van der Veer, who is retiring July 1. Instead the top job went to Peter Voser, the company’s chief financial officer.

“It’s a mutual decision,” said Shell spokesman Shaun Wiggins of Cook’s departure. He said the company or Cook might elaborate further later but at the moment had nothing to add. 

Cook was a Shell employee for 29 years, joining the company in Houston when she was 21. She has a degree in petroleum engineering from the University of Kansas.

In a statement, Van der Veer thanked Cook and noted the company’s liquid natural gas capacity has risen by 60 percent since she took her job five years ago. As oil production declined in the same period, Shell’s total production is now almost equally split between gas and oil.

As part of her duties, Cook also oversaw Shell’s renewable energy arm. 

In March, she told reporters in an unusually candid discussion that the company would not make any new investments in wind or solar energy, focusing instead on biofuels.

“On wind and solar, they’re interesting, but they continue to struggle in comparison with the other investment opportunities we have in our portfolio, even with substantial subsidies,” Cook said.

She rejected criticism that the company’s investment in renewables was too small: $1.7 billion over the past 5 years, compared with $126 billion in net profit.

“We have to start somewhere,” she said. “If there aren’t investment opportunities that compete with our other projects in the billions and billions then we won’t spend the money.”

She said the company’s focus was on investments that would “get the best return for shareholders. If those were in renewables today, we’d be putting money there, we’d be happy to. But that’s just not the case.”

SOURCE ARTICLE

Shell: Gas, Pwr, Renewables Chief Linda Cook To Resign June 1

LONDON (Dow Jones)–Royal Dutch Shell PLC’s (RDSB.LN) chief of gas, power and renewable energy Linda Cook has resigned unexpectedly, and will step down as an executive director of the company effective June 1, the company said in a statement Tuesday.

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Breaking News… Linda Cook, Executive Director of Royal Dutch Shell Gas & Power Resigns…

Linda Cook, Executive Director of Royal Dutch Shell Gas & Power

According to a reliable Shell insider source Linda Cook, Executive Director of Royal Dutch Shell Gas & Power, is leaving Shell in just a few days time, on June 1, 2009, for sudden undisclosed reasons. 

The following posting was made on our Shell Blog at 8am UK time…

Linda Cook is stepping down. Peace at last, peace at last. Now there is room for talented women instead of token women. Will she return her stay-on bonus? Very curious what bullshit story she will now come up with!

An Early Start in the Oil Industry

LINDA COOK: Executive director, gas and power, Royal Dutch Shell, the Netherlands

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Shell set to clash with investors

RiskMetrics, the international voting agency, advises shareholders to vote Shell’s pay plan down. And the Association of British Insurers has put an “amber top” alert out, warning its members of a potential breach of good governance.

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Shell pay packages defy poor stock performance

Royal Dutch Shell’s senior executives were paid sharply higher remuneration last year, although performance in terms of shareholder returns was the worst of all big western oil companies.

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