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ABRUPT EXIT OF SHELL TREASURER ANDY LONGDEN

Screen Shot 2015-04-13 at 16.04.38POSTING ON OUR SHELL BLOG BY “ANONYMOUS SOURCE”

ABRUPT EXIT OF SHELL TREASURER ANDY LONGDEN

I believe that high profile gaps in Andy’s broad scope of his roles & responsibilities (R&R), 12 years in the same role, (too long for a senior executive), loss of key sponsor(s), and the perceived need for a game changer that delivers on Ben’s strategy, new operational approach, and heavier (Treasury, M&A, Pensions, and governance) Finance footprint, might have been key in his departure.

Also, remember that Andy and Ben Van Burden come from very different backgrounds. Ben is a Shell homegrown senior leader (with 30+ years), while Andy is an experienced hire. Common knowledge is that the retention history for experienced hires senior leaders is poor at Shell. Why? My understanding is that because Shell is a relationship company, many experienced hires are unable to adequately fit in and build the mentor/sponsor /other relationships that are critical for success in the company.

As to high profile gaps in Andy’s scope of R&R, any could have been used as a justification for a change such as:

1) Pension costs ($2 billion increase in pension funding is projected for 2015 (see Shell Annual report note 17 – Retirement benefits), Also, there was noise around Shell realizing over $600 million USD in pension losses in the highly publicized Bernard Madoff Ponzi scheme, uncovered in 2008,

2) UAU M&A and billions in write downs,

3). Ongoing governance issues, (flawed decisions and/or absence of appropriate actions or interventions because of management tension to achieve targets, inadequate oversight/asset integrity),

4).Other Treasury activities, (such as financial performance, cash management, investor relations, sub-optimum share based compensation delivery schemes, poor capital discipline, to name a few.)

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