Shell chief to step down to enjoy family life

Peter Voser, who is 55 and has been chief executive of Royal Dutch Shell since July 2009, told staff that he wanted to spend more time with his family.

The announcement came as Shell posted profits of just under eight billion US dollars (£5.1bn) for the first quarter of the year, an increase of 4 per cent on a year ago and better than City forecasts.

The Anglo-Dutch company has weathered volatility in energy markets, including a recent drop in oil prices, with improved profits from refining and trading.

Mr Voser first joined Shell in 1982 and held a variety of finance and business roles in Switzerland, the UK, Argentina and Chile, before leaving to join power technologies firm ABB in 2002. He returned to Shell in October 2004.

In a message to staff, the Swiss national said: “After almost 10 years as chief executive and chief financial officer 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’s tenure has been played out against the background of turmoil at big rival BP, after the Gulf of Mexico disaster in 2010.

He pointed out that Shell had distributed 11 billion US dollars (£7.1bn) in dividends to shareholders over the last year, the highest in the industry.

And Shell has around 30 projects under construction, having sold assets in recent years in order to focus on schemes with greater growth potential.

Mr Voser said: “Our profits pay for Shell’s dividends and investment in new projects to ensure affordable and reliable energy supplies for our customers, and to add value for our shareholders.”

He was paid more than five million euros (£4.2m) last year, including a salary of 1.6 million euros (£1.3m) and bonus of 3.3 million euros (£2.8m).

Shell said it would look outside and inside the company for his replacement.

A spokeswoman said Shell had looked outside for CEOs in the past. However, as with most big oil companies, new chief executives traditionally come up through the ranks.