After over 40 years with the company, Chief Executive Officer Ben van Beurden of one of the world’s largest integrated energy companies, Shell (SHEL), announced that he will be retiring at the end of this year. Wael Sawan, the company’s head of gas and renewables, will take over as Ben van Beurden’s successor. As an integrated energy company, Shell operates in the upstream (production of oil and natural gas), midstream (storage and transportation) and downstream (refining and gas stations) segments.
The company also has exposure to renewal and natural energy sources like solar, offshore wind and hydrogen partially because of the big ESG focus over the last several years and partly because the company lost a landmark legal case in The Netherlands that forces it to cut emissions 45% from 2019 levels by the year 2030.