- Shell is set to be led by a new CEO after Ben van Beurden will leave having led the company in the role for 9 years
- Company’s Director for Integrated Gas, Renewables & Energy Solutions Wael Sawan has been announced as his successor
- Sawan is credited to have developed the group’s global power and renewables business, including into solar energy
One of the biggest upstream oil and gas producers in the world that’s now seriously diversifying into renewables, Shell plc has announced its current CEO Ben van Beurden will step down as the company’s CEO, making way for the renewables head Wael Sawan to take over.
Working with Shell for over 39 years Beurden has been the group CEO for past 9 years. He will stay on board till June 30, 2023 to ensure smooth transition and leave the group, while Sawan will take over as CEO from January 1, 2023 and also join Board of Directors.
Currently operating in the company as Director, Integrated Gas, Renewables & Energy Solutions Director, Sawan is credited by the group as having developed the architecture of its global power and renewables business.
An MBA from Harvard Business School, Sawan has been working with Shell since 1997. He is spearheading the company’s hydrogen strategy. Under his leadership, Shell acquired US solar platform Savion that now has an 18 GW pipeline, renewable energy company Sprng Energy in India with 2.9 GW assets and 7.5 GW pipeline, among others (see Macquarie’s GIG Selling Savion In US).
“Wael Sawan is an exceptional leader, with all the qualities needed to drive Shell safely and profitably through its next phase of transition and growth. His track record of commercial, operational and transformational success reflects not only his broad, deep experience and understanding of Shell and the energy sector, but also his strategic clarity,” said Shell’s Chair Sir Andrew Mackenzie. “I look forward to working with Wael as we accelerate the delivery of our strategy.”
Under its Powering Progress strategy, Shell is to invest $2 billion to $3 billion annually on renewables and energy solutions to become a net zero emitter by 2050, without stepping out of fossils (see Shell To Invest In Renewables, But More On Oil & Gas).