By Geoff Foster
22 January 2004
RUMOURS were rife that Sir Philip Watts might make a sudden departure. The chairman of Shell has never been everyone’s cup of tea. He further blotted his copybook by failing to turn up to answer analysts’ and investors’ questions about the oil giant’s shock admission that it has cut its proven reserve estimates by 20%.
Some £3bn was wiped off its share price, but Sir Philip was nowhere to be seen.
Shell firmed 4 1/4p to 365 1/2p yesterday on hefty turnover of 73m as dealers heard that major shareholder Legal & General was pressing for a change. Some suggested his departure could even be confirmed when the group reports annual results on 6 February. If not then, the word is that April’s AGM will certainly be his last.