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Shell chief Peter Voser to leave as oil giant posts rise in profit

“After such an exciting executive career I feel it is time for a change in my lifestyle and I am looking forward to have more time available for my family and private life in the years to come.”

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Royal Dutch Shell chief executive Peter Voser is to step down next year in an unexpected move, the energy giant announced as it posted a surprise 4pc rise in first-quarter profits to $8bn (£5.1bn).

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Peter Voser, the Shell chief executive, plans to focus on increasing oil and gas production to drive growth and returns. Photo: AFP/Getty

By 7:46AM BST 02 May 2013

Mr Voser, 54, has led the Anglo-Dutch major since July 2009 having previously served as chief financial officer in a career spanning more than three decades at the company.

In a message to staff, he said: “After almost 10 years as CEO and CFO and more than 25 years in Shell, I have elected to retire in the first half of 2014.

“After such an exciting executive career I feel it is time for a change in my lifestyle and I am looking forward to have more time available for my family and private life in the years to come.”

Mr Voser, a Swiss citizen, said he intended to be “still engaged in the business community through a limited number of non-executive roles outside Shell” as well as continuing not-for-profit roles.

The announcement came as Shell reported first-quarter profits for the first three months of 2013 that easily beat expectations.

Excluding one-off items, underlying profits rose 3pc to $7.5bn. Analysts had expected profits to slump by as much as 18pc.

Mr Voser said: “Our industry continues to see significant energy price volatility as a result of economic and political developments. Oil prices have fallen recently but Shell is implementing a long-term, competitive and innovative strategy against this volatile backdrop.”

He said the results were “underpinned by Shell’s growth projects, an improvement in downstream profitability, and were delivered despite a difficult security environment in Nigeria”.

Shell raises its dividend by 2 cents, to 45 cents per share.

Mr Voser joined Shell in 1982 and has worked for the company continuously apart from a two-year stint at chief financial officer of ABB from 2002 to 2004.

Shell’s chairman, Jorma Ollila said Mr Voser’s leadership had been “impressive, reorganising the company, delivering growth, and developing a clear forward strategy with a strong portfolio of new options for the future”.

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