Shell CEO Ben van Beurden to step down at year's end

LONDON (AP) — The CEO of energy giant Shell, Ben van Beurden, is stepping down at the end of the year after nine years in charge and will be replaced by Wael Sawan, the company announced Thursday.

Sawan, who has worked for Shell for 25 years, is currently director of integrated gas, renewables and energy solutions, and has been a member of Shell’s executive committee for three years.

“I’m looking forward to channeling the pioneering spirit and passion of our incredible people to rise to the immense challenges, and grasp the opportunities presented by the energy transition," said Sawan, who was born in Beirut and holds dual Lebanese and Canadian nationality.

Shell Chair, Sir Andrew Mackenzie, called Sawan “an exceptional leader, with all the qualities needed to drive Shell safely and profitably through its next phase of transition and growth.”

Mackenzie paid tribute to Van Beurden, saying he “can look back with great pride on an extraordinary 39-year Shell career, culminating in nine years as an exceptional CEO. During the last decade, he has been in the vanguard for the transition of Shell to a net-zero emissions energy business by 2050 and has become a leading industry voice on some of the most important issues affecting society."

In late July, Shell posted record profits for a second straight quarter as the energy giant benefited from soaring prices of oil and natural gas fueled by Russia’s war in Ukraine.

London-based Shell said it’s second-quarter adjusted earnings — which exclude one-time items and fluctuations in the value of inventories — rose to $11.5 billion from $5.5 billion in the same three-month period last year.