REUTERS
Shell CEO in first changes combines LNG, upstream operations
LONDON (Reuters) -Shell will combine its oil and gas production and liquefied natural gas (LNG) divisions as part of CEO Wael Sawan’s first changes since taking charge of the energy giant earlier this month.
The new division, which combines Shell’s most profitable operations, will be headed by current upstream director Zoe Yujnovich, Shell said in a statement on Monday.
Sawan took office on Jan. 1 after heading Shell’s integrated gas division, which included Shell’s LNG and renewables businesses, with a vow to simplify and improve the company’s operations.
Under the internal restructure, renewables operations will be combined with Shell’s oil refining and marketing operations led by current downstream director Huibert Vigeveno, the company said.
“Fewer interfaces mean greater cooperation, discipline and speed, enabling us to focus on strengthening performance across the businesses and generating strong returns for our investors,” Sawan said in the statement.
The changes will take effect on July 1.
Shell last underwent a major overhaul in the wake of the coronavirus pandemic in 2020 which saw then-CEO Ben van Beurden cut over 10% of the company’s workforce as part of his push to steer the company towards the energy transition.
The new overhaul will see Shell reduce the size of its executive committee to seven from nine members in an effort to “simplify the organisation further and improve performance”.
Shell’s strategy calls for cutting its greenhouse gas emissions and building a large low-carbon business.
The company reports its 2022 full-year results on Thursday.
(Reporting by Aby Jose Koilparambil in Bengaluru; editing by Rashmi Aich and Jason Neely)
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