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Shell Nominates Simon Henry as New Finance Chief

Bloomberg.com

By Fred Pals

March 12 (Bloomberg) — Royal Dutch Shell Plc, Europe’s largest oil company, said it proposed Simon Henry to become the company’s new chief financial officer as of May 1, replacing Peter Voser, who will become chief executive officer on July 1.

Henry, 47, is now executive vice-president for finance in Shell’s international exploration and production division, the company said in a statement distributed by PR Newswire today. He is a U.K. citizen who joined Shell in 1982 as an engineer at a U.K. refinery, and has held senior finance positions in Europe, the Middle East and Asia Pacific, according to the statement.

Shell, based in The Hague, said in October Chief Executive Officer Jeroen van der Veer would step down June 30 and be replaced by Chief Financial Officer Peter Voser.

Van der Veer took over in 2004 and restored investor confidence following a reserves restatement that led to regulatory fines, shareholder lawsuits and the ouster of the company’s top three executives, including then-chairman Phil Watts. The scandal prompted Shell to reorganize its corporate and management structure and step up spending on exploration.

The company is betting on unconventional projects such as the gas-to-liquids plant in Qatar and the mining of oil sands in Canada to revive production growth.

Editors: John Buckley, Guy Collins

Last Updated: March 12, 2009 04:12 EDT 

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