The New York Times: Ousted Chairman of Shell Got $1.93 Million Package
By HEATHER TIMMONS
Published: June 26, 2004
LONDON, June 25 – The Royal Dutch/Shell Group’s former chairman, Sir Philip B. Watts, received a severance package worth £1.06 million ($1.93 million), the amount he would have earned had he stayed on until retirement, the company said on Friday.
Sir Philip was asked to step down in March, after an internal investigation found that the company had overstated its oil and gas reserves estimates for several years. He was the head of exploration and production, the division in charge of reserves, from 1997 to 2000, when much of the overbooking occurred. Sir Philip, who turned 59 on Friday, had been scheduled to retire in June 2005.