Royal Dutch Shell announced yesterday that current CFO Peter Voser will take over as chief executive in July 2009. Voser’s election comes at the end of a CEO search that began in March 2007; he will replace the oil company’s current chief executive, Jeroen van der Veer.
Voser’s career at Shell reaches back to 1982, where he joined the company in a variety of financial roles, including posts in Argentina and Chile, two of the company’s important petroleum sites. He has been CFO of Shell since 2004, when Royal Dutch and Shell were separate entities.
Voser has held an active role in Shell’s operations throughout his executive position, including regular interaction with the media. Falling gas prices and increased violence in Nigeria, where Shell’s operations have suffered, are two of the major challenges facing the oil company. Voser also faces the task of resuscitating Shell’s image following a 2004 accounting scandal that years later has left a damaged company image.
Royal Dutch Shell share prices jumped 100 points yesterday to about $1625 following the announcement of Voser’s promotion. This morning’s announcement of a $10.9 billion 3Q profit led to a brief spike that was tempered by a 7 percent drop in production.