In a file picture taken on March 16, 2010 Peter Voser, Chief Executive
of Royal Dutch Shell speaks during a press conference in London. Energy
giant Shell said on May 2, 2013 that chief executive Peter Voser will
retire next year, as it posted falling first-quarter net profits due to
lower crude oil prices. AFP PHOTO
By (Reuters)
Royal Dutch Shell's 54-year old chief executive
Peter Voser is to retire next year in a surprise early departure he said
was driven by a desire for a change of lifestyle.
The softly-spoken Swiss national with a quarter
century career at Europe's top oil company, has transformed it since
2009 from sector laggard to a leading position in the burgeoning
industry of liquefied natural gas (LNG).
But his departure comes as the company and the industry face huge challenges.
Shell is the western world's number two company by
production behind Exxon Mobil, but like its peers, it is struggling to
replace reserves and boost production, and faces a squeeze on earnings
as costs rise while the price of oil threatens to fall decisively below
the psychologically important $100 a barrel level.
Analysts say that among the world top oil
companies, Shell spends more on exploration per barrel produced than any
of its competitors. Its most high-profile exploration failure has been
in Alaska where it has spent $5 billion since 2006, and has yet to drill
a single complete hole.
Meanwhile thefts, strikes and other issues dog activity in Nigeria where it is the principle international oil company operator.
"After such an exciting executive career I feel it
is time for a change in my lifestyle and I am looking forward to having
more time available for my family and private life in the years to
come," Voser said in a statement on Thursday.
Shell said it would look outside and inside the
company for his replacement. A spokeswoman said Shell had looked outside
for CEOs in the past. However, as with most big oil companies, new
chief executives traditionally come up through the ranks.
The last of the western world's four biggest oil
companies to report results, Shell joined its peers in delivering a
result that topped market expectations, thanks in part to strong
refining and trading performances.
Adjusted net profit on a current cost of supply
basis rose to $7.5 billion in the first quarter from $7.3 billion a year
ago and compared with expectations of around $6.5 billion
.
.
Shell did not take a writedown on its unsuccessful Alaskan drilling program as some analysts had expected.
Voser has been named in media reports as a
possible chairman of Roche Holding, the drugmaking company based in his
native Switzerland and where he is already non-executive director.
Shell had no comment beyond its official
statement, but one insider said Voser had indicated he had no plans to
take on new non-executive directorships or chairmanships.
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