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Ben Van Beurden
CEO, Royal Dutch Shell
Age:
Years as a CEO:
Tenure: 0
Industry: Energy & Natural Resources
CEO DOSSIER
Ben has spent his entire career at Shell working up through roles in operations and technology. Those outside the company were surprised when the Dutchman leapfrogged his peers to be named successor to Peter Voser. He will take over as CEO on 1 Jan 2014.
early years
Ben graduated from Delft University of Technology in the Netherlands with a master’s degree in chemical engineering before joining Shell in 1983.
During his 30 years with the company he has been involved in both upstream and downstream activities in both technical and commercial roles. He started out working in the Netherlands and at the Port Sudan refinery in Sudan but he has also been based in Africa, Malaysia, the US and the UK.
He spent 10 years working in Shell’s liquefied natural gas business. In 1996 he took the role of the general manager operations of Malaysia LNG (liquefied natural gas) before moving to Mexico as vice-president of Mexico Gas and Power, where he helped to expand Shell’s business in the sector.
In 2002, Ben became the private assistant of chairman Phil Watts. His two years in this job included the 2004 accounting scandal when it was found Shell had overstated its oil reserves.
He was appointed vice president, manufacturing excellence, in January 2005 and was responsible for high performance initiatives in chemical manufacturing and refining and standards in operational excellence. He moved to London in December 2006 to take the role of executive vice president, chemicals. When he took charge of the chemicals division it was struggling but he is credited with turning its fortunes around.
Ben was appointed to the role of downstream director in January 2013, running the company’s refining and marketing arm. He became a member of Shell’s executive committee with responsibility for Europe and Turkey.
In July 2013, he was announced as the company’s new CEO and he will succeed Peter Voser, who is retiring to spend more time with his family, on January 1 2014. His appointment was seen as a surprise, with other senior figures in the company considered more likely candidates, including CFO Simon Henry and Andrew Brown, head of exploration and production.
Peter Hutton, analyst at RBC Capital Markets, said: “It was always clear that Shell would appoint the person it felt had the best combination of skills for the job, not necessarily the best known to the external community. Peter Voser and Simon Henry had worked very well as a partnership at the top of the company, so the jury may be out whether this can be continued as effectively with a CFO passed over for the top job.”
As ceo
Ben’s appointment as CEO is not yet expected to bring any major changes at Shell. Chairman Jorma Ollila said: “Ben will continue to drive and further develop the strategic agenda that we have set out, to generate competitive returns for our shareholders.”
The choice of Ben, who is currently Shell’s refining chief, as the firm’s next leader indicates a commitment to expanding the company’s chemical and refining activities. Shell Oil President Marvin Odum believes Ben could bring positive changes for the petrochemical plants and refineries on the US Gulf Coast: “We’re having a deep look at chemical opportunities in North America, like the investigation we are doing in Pennsylvania, and Ben’s a supporter of that program.”
Ben’s main priorities as CEO will be working towards Shell’s ambitious targets for production. The company is aiming to increase its daily output to 4 million barrels by 2017, up from 3.6 million in the first quarter of 2013. He will also be working to turn the company’s plans to increase its annual capital spending to more than $30 billion a year into revenue.
One challenge Ben will have to tackle is trying to make something from the large amount of money Shell has spent on preliminary drilling in the seas off Alaska in 2012. A number of problems including the grounding of one of the company’s rigs has meant the company has not returned to Alaska in 2013, although there are plans to drill in the area in 2014. Fadel Gheit, an analyst with Oppenheimer, said: “Alaska is not a pretty picture. They spent $3 billion and have nothing to show for it.”
Away from work
Like his predecessor Peter Voser, Ben is Dutch. He has three daughters and a son with his wife Stacey. He enjoys reading, running and travelling with his family.
While Executive Vice President, Chemicals, Ben was appointed to the boards of a number of industry associations, including the International Council of Chemicals Associations and the European Chemical Industry Council.
Leadership and philosophy
Ben believes in the importance of working in an ethical way as well as corporate responsibility. He has said:
“A company which conducts its business in a responsible caring way is a company that most probably is going to be more competitive and more profitable as well.”
He also has experience of keeping a close eye on performance through regular monitoring. And he likes to get to know all areas of the company, talking to staff to make sure he has a thorough understanding of how things work:
“We do reviews, we look at performance, how things are progressing, we do structured management reviews, we investigate incidents. These are the normal things that I believe leaders in a company ought to do when they take this sort of responsibility seriously. But the other thing that I believe in is you can’t exercise your leadership duty properly without really understanding how performance gets created. If I were to give some examples of what that means in practice, go out with the driver and make a delivery and see how that actually works. Go onto a boat and see how products get transferred, how your contractors train their employees. But also sit down with customers and say ‘well how do you think this is working?’”
Our Three Questions
1. Your appointment was seen as something of a surprise to people outside the company, with some considering that you had been promoted over the heads of more senior figures at Shell. How do you plan to keep the loyalty of the colleagues who competed with you for the CEO role?
2. Shell has set ambitious plans to increase production over the next four years. Do you feel confident you will be able to reach these targets and what will your main strategies be to achieve them?
3. The company has been making some major capital investments, including in Alaska, where there have been some problems. How do you plan to meet the challenge of turning this spending into revenue streams?
Colleagues, Friends & Analysts' report
Andrew Whittock, analyst at Liberum Capital, said although Ben was “not well known to the investment community” it was “not a complete surprise the CEO role has rotated back to a Dutchman”.
Jorma Ollila, Shell's chairman, said:
“Ben has deep knowledge of the industry and proven executive experience across a range of Shell businesses.”
Peter Hutton, of RBC Capital, said:
“We expect the focus to centre on Mr van Beurden [being] in the mould of Jeroen van der Veer, the CEO before Peter Voser, which could be positive, coming from chemicals, and seen as balanced and clear in thinking.”
Marvin Odum, Shell Oil President, said:
“Ben brings great experience to the role. He has worked across a number of businesses, he understands the businesses well and he brings deep, deep experience in the downstream side of our business.”
Stephen Simko, an analyst for Morningstar in Chicago, said:
“I don’t even think this guy Ben was even in the running of the names that was even being speculated on a couple months ago. For now it’s definitely a wait and see.”
Date Written
10-07-2013Sources
New York Times
The Guardian
The Telegraph
Shell
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New York Times
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Latest News
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Falling production, coupled with record low oil price, led to major oil firms cutting back their capital spending budgets in the North Sea, including BP plc (ADR) (NYSEBP) and Royal Dutch Shell plc ... by $15 billion. CEO Ben van Beurden said the company ... read more...
2015-03-22 09:53:08
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2015-03-17 03:25:21
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2015-03-15 20:38:31
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2015-03-14 03:00:17
Anchor Capital Essential market review, 13 March
Shell risks pay protest over Chief’s EUR24.00mn package Royal Dutch Shell’s Chief Executive Ben van Beurden earned almost GBP20.00mn last year, after the oil company poured millions of pounds into his final-salary pension pot and footed a UK tax bill ... read more...
2015-03-14 01:05:45
Why Royal Dutch Shell plc (ADR) CEO Received A $26 Million Payout In 2014
In its annual report for fiscal year 2014 (FY14) released on Thursday, Royal Dutch Shell plc (ADR) (NYSERDS.A) revealed that CEO Ben van Beurden earned $26 million (€24.2 million) last year for his efforts. This makes him the second-highest paid CEO ... read more...
2015-03-13 13:24:14
Shell share price Group reaches tentative agreement with union leaders
Royal Dutch Shell Plc chief executive Ben van Beurden received total compensation of €24.2 million (£17.11 million) last year, the group said on Thursday. His remuneration package included a €10.7 million pension contribution and €7 million for what ... read more...
2015-03-13 11:01:04
Shell CEO's total pay soars to $25.7 million
LONDON (Reuters) - Royal Dutch Shell (RDSa.L) Chief Executive Ben van Beurden will earn a total 24.2 million euros (17.53 million pounds) for 2014, making him one of the highest-earning FTSE 100 bosses despite last year's sharp fall in oil prices. read more...
2015-03-13 10:10:58
Shell boss gets 24.2m euro payout
[LONDON] Royal Dutch Shell chief executive Ben van Beurden's total compensation for 2014 will be 24.2 million euros (S$35.5 million), including 5.6 million euros in salary, bonus and shares plus pension and other items, the company said on Thursday. read more...
2015-03-13 04:05:53
Shell's CEO pay reaches €24m
Ben van Beurden, the chief executive of Royal Dutch Shell, has become the best paid oil chief executive in the country. On Thursday, the oil giant published its annual report showing its CEO was awarded a total remuneration worth €24.2m (£17.2m ... read more...
2015-03-13 00:31:08
Shell risks pay protest over chief’s €24m package
Royal Dutch Shell’s chief executive Ben van Beurden earned almost £20m last year, after the oil company poured millions of pounds into his final-salary pension pot and footed a UK tax bill on his relocation to the Netherlands. A pay award of €24.2m in ... read more...
2015-03-13 00:09:40
Royal Dutch Shell chief executive gets bumper pay package
ROYAL Dutch Shell Chief Executive Ben van Beurden got a €24.2m (£17.2m) pay package last year, in spite of the sharp fall in oil prices. The annual report of the oil and gas giant shows the Dutch executive earned €5.6m in pay, bonus, benefits and ... read more...
2015-03-13 00:09:40
Shell boss gets $25.7m payout
Royal Dutch Shell chief executive Ben van Beurden’s total compensation for 2014 will be €24.2 million, including €5.6 million in salary, bonus and shares plus pension and other items, the company said yesterday. Shell spokeswoman Sally Donaldson said ... read more...
2015-03-12 23:55:21
Shell expects to drill offshore Alaska this year
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2015-03-12 20:56:23
Shell CEO's total pay soars to €24.2m
London - Royal Dutch Shell chief executive Ben van Beurden will earn a total €24.2m for 2014, making him one of the highest-earning FTSE 100 bosses despite last year's sharp fall in oil prices. Van Beurden's total pay includes €5.6m in salary ... read more...
2015-03-12 19:51:58
Shell CEO's total pay soars to $25.7 million
LONDON (Reuters) - Royal Dutch Shell Chief Executive Ben van Beurden will earn a total 24.2 million euros (17.53 million pounds) for 2014, making him one of the highest-earning FTSE 100 bosses despite last year's sharp fall in oil prices. Van Beurden's ... read more...
2015-03-12 19:44:49
Shell’s CEO pay reaches EUR24m
Ben van Beurden, the chief executive of Royal Dutch Shell, has become the best paid oil chief executive in the country. On Thursday, the oil giant published its annual report showing its CEO was awarded a total remuneration worth EUR24.2m (£17.2m ... read more...
2015-03-12 18:11:45
Royal Dutch Shell Seeks 2.1% Pay Rise for CEO in 2015
LONDON--Royal Dutch Shell PLC Chief Executive Ben van Beurden received a total compensation package, including his pension, worth 24.2 million euros ($25.72 million) last year, according to the company's annual report released Thursday. For his first year ... read more...
2015-03-12 17:57:26
Shell's CEO pay reaches €24m
Ben van Beurden, the chief executive of Royal Dutch Shell, has become the best paid oil chief executive in the country. On Thursday, the oil giant published its annual report showing its CEO was awarded a total remuneration worth €24.2m (£17.2m ... read more...
2015-03-12 17:57:26
Shell's CEO pay reaches €24m
LONDON (ShareCast) - Ben van Beurden, the chief executive of Royal Dutch Shell (Xetra R6C1.DE - news) , has become the best paid oil chief executive in the country. On Thursday, the oil giant published its annual report showing its CEO was awarded a total ... read more...
2015-03-12 17:21:39
Shell CEO pay hits €24m, second to Sorrell in FTSE
Falling oil prices haven’t hit the pay packet of Britain’s best paid oil chief executive, Royal Dutch Shell’s Ben van Beurden. The company’s annual report published on Thursday showed that the chief executive of the UK’s most valuable company by ... read more...
2015-03-12 14:01:13
Shell share price jumps as group announces £17m payout for boss
Royal Dutch Shell Plc (LONRDSA) chief executive Ben van Beurden received total compensation of €24.2 million (£17.11 million) last year, the group said today. His remuneration package included a €10.7 million pension contribution and €7 million for ... read more...
2015-03-12 11:09:25
Royal Dutch Shell Seeks 2.1% Pay Rise for CEO in 2015 --Update
LONDON--Royal Dutch Shell PLC Chief Executive Ben van Beurden received a total compensation package, including his pension, worth 24.2 million euros ($25.72 million) last year, according to the company's annual report released Thursday. For his first year ... read more...
2015-03-12 10:19:18
Shell CEO van Beurden in FTSE 100 top flight with €24.2m pay
Royal Dutch Shell's chief executive Ben van Beurden was awarded a total of €24.2m for his work last year, the company's annual report has shown, making him the second-highest paid boss of a FTSE 100 company in a move that could ignite protests over ... read more...
2015-03-12 10:04:59
Shell boss gets US$25.7m payout
[LONDON] Royal Dutch Shell chief executive Ben van Beurden's total compensation for 2014 will be 24.2 million euros (US$25.7 million), including 5.6 million euros in salary, bonus and shares plus pension and other items, the company said on Thursday. read more...
2015-03-12 08:53:24
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Financials
Business summary
Employees: 90,000
Royal Dutch Shell plc operates as an oil and gas company worldwide. The company explores for and extracts crude oil and natural gas. It also converts natural gas to liquids to provide cleaner-burning fuels; markets and trades natural gas; extracts bitumen from mined oil sands and convert it to synthetic crude oil; and generates electricity from wind energy. In addition, it converts crude oil into a range of refined products, including gasoline, diesel, heating oil, aviation fuel, marine fuel, lubricants, bitumen, sulphur, and liquefied petroleum gas (LPG); and produces and sells petrochemicals for industrial use. The company holds interests in approximately 30 refineries; approximately 1,500 storage tanks and 150 distribution facilities; and fuels retail network of approximately 43,000 service stations under the Shell brand name. Royal Dutch Shell plc also markets its products under the Shell V-Power and Shell FuelSave brand names. In addition, the company offers lubricants to the passenger cars, trucks, and coaches, as well as for industrial machinery in manufacturing, mining, power generation, agriculture, and construction industries. Further, it sells fuels, specialty products, and services to commercial customers; offers fuel for approximately 7,000 aircraft every day at 800 airports in 30 countries; provides fuels, lubricants, and related technical services to the marine industry; offers liquefied petroleum gas and related services to retail, commercial, and industrial customers for cooking, heating, lighting, and transport applications; provides transport, industrial, and heating fuels; and supplies approximately 11,000 tonnes of bitumen products. Additionally, the company produces a range of base chemicals, including ethylene, propylene, and aromatics; and intermediate chemicals, such as styrene monomer, propylene oxide, solvents, detergent alcohols, ethylene oxide, and ethylene glycol. Royal Dutch Shell plc is headquartered in The Hague, the Netherlands.
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