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AFX News Limited / Forbes: Royal Dutch Shell says Van der Veer to remain CEO until 2009 UPDATE

03.28.07, 6:44 AM ET
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LONDON (AFX) – Royal Dutch Shell PLC (nyse: RDSA – news – people ) said Jeroen van der Veer will stay on as the Anglo-Dutch oil giant’s chief executive until June 30, 2009.

Van der Veer, who is turning 60 in October, became Shell’s first CEO following the unification of Shell Transport Trading PLC and Royal Dutch Petroleum NV in 2005.

‘Jeroen’s decision today provides clarity, and I am most pleased that he will stay on longer, providing valuable continuity and leadership in Shell over the next years,’ said chairman Jorma Ollila.

Van der Veer led Shell during the toughest times of its century-long history. Before he became CEO, Van der Veer was named chairman of the committee of the managing directors of Royal Dutch Petroleum and Shell Transport, replacing Sir Philip Watts who was sacked in early 2004 when the company admitted it overbooked oil and gas reserves by over a fifth.

The reserves crisis led to a top-level management revamp and the historic union of the British and Dutch companies to create Royal Dutch Shell PLC, run by a single board, chairman and CEO. Royal Dutch owns 60 pct of the new Shell, while Shell Transport holds the remaining 40 pct.

Shell ditched the mandatory retirement age of 60 years following the far-reaching organisational restructuring.

While Van der Veer decided to stay on, his counterpart at BP (nyse: BP – news – people ) PLC, John Browne, is retiring in July, 18 months earlier than planned and months before his 60th birthday in early 2008. Browne will be replaced by Tony Hayward, currently in charge of BP’s exploration and production business.

At 10.07 am, Royal Dutch Shell B shares were up 27 at 1,708 pence.

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