Shell CEO Ben van Beurden will step down at the end of 2022 and be replaced by the head of the company’s renewables unit.
His successor is Wael Sawan, currently Shell’s director of integrated gas, renewables and energy solutions division.
Van Beuerden will serve as an adviser to the board until 30 June 2023, before leaving Shell.
During his eight years as CEO, Shell upped its holdings in onshore and offshore wind – though renewables continues to play a small role in the company’s present and future.
Under van Beurden Shell increased its annual investment targets for renewables and energy solutions to $2-3 billion – though this is below the individual outlays planned for marketing, integrated gas, chemicals and products and its upstream business.
His successor Sawan said: “I’m looking forward to channelling the pioneering spirit and passion of our incredible people to rise to the immense challenges, and grasp the opportunities presented by the energy transition.”