Shell (LON: SHEL) shares fell more than 3% on Tuesday after the energy giant announced a shake-up of its executive leadership as part of its ongoing transformation efforts.
The company said it is restructuring its top management to reflect three core business areas—Integrated Gas, Upstream, and Downstream, Renewables and Energy Solutions—while also elevating its Trading and Supply division.
CEO Wael Sawan stated that the changes are expected to simplify operations and bring technical expertise closer to value-generating activities.
As part of the reshuffle, Zoë Yujnovich, Integrated Gas and Upstream Director, will step down on 31 March 2025 after more than a decade with the company.
She will be succeeded by Cederic Cremers as President, Integrated Gas, and Peter Costello as President, Upstream, with both appointments effective 1 April.
“I have deeply appreciated Zoë’s insights and guidance as a member of the Executive Committee,” said Sawan. “Her outstanding impact as a leader leaves a lasting legacy and positions us strongly for the future.”
Other changes include a shift in executive titles, with leaders of key business units now referred to as Presidents rather than Directors, while functional heads will be designated as Chief Officers.
The restructuring is part of Shell’s broader efforts to boost efficiency and drive value creation while reducing emissions.
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