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Shell Says Peter Voser to Take Over as CEO in 2009 (Update1)

By Fred Pals and Eduard Gismatullin

Oct. 29 (Bloomberg) — Royal Dutch Shell Plc, Europe’s largest oil company, said Chief Financial Officer Peter Voser will take over as chief executive officer from July next year.

“I am delighted to announce Peter Voser as the next Chief Executive of Royal Dutch Shell,” Shell Chairman Jorma Ollila said today in a statement distributed by PR Newswire. Voser, 50, will succeed Jeroen van der Veer who is due to retire.

Van der Veer, 61, stayed on beyond the normal retirement age in the Netherlands after restoring investor confidence at The Hague-based company following a reserves scandal in 2004. Shell, which posted record earnings in the second quarter on surging oil prices, is struggling to revive output growth after production fell in each of the past five years.

“We are very, very pleased he’s got it,” said Andy Lynch, who helps manage about $2.9 billion in assets at Schroder Investment Management Ltd., including Shell stock. “Our feeling was very much that he was the best candidate for the job.”

Shell’s Class A shares in London rose as much as 11 percent after the announcement and were up 160 pence at 1,688 pence as of 3:38 p.m. local time.

The company’s revelation in January 2004 that it had overstated its reserves led to lawsuits from investors and fines by regulators. Van der Veer replacedPhil Watts, who departed in March 2004, and formally became CEO in October that year.

Voser joined Shell in 1982 and held a number of finance and business roles in Switzerland, Argentina, Chile and the U.K. until March 2002. He then joined Asea Brown Boveri Ltd. as CFO, returning to Shell four years ago.

Voser, a Swiss citizen, was born in Baden, Switzerland. He is married and has three children. Voser graduated in business administration from the University of Applied Sciences, Zurich, Switzerland, in 1982.

To contact the reporter on this story: Fred Pals in Amsterdam at[email protected]

Last Updated: October 29, 2008 11:39 EDT

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