Shell Taps New CFO

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Shell Taps New CFO

03/13/2009
LONDON -- Simon Henry, who helped guide Royal Dutch Shell through its oil reserves' reporting crisis five years ago, will be its new chief financial officer starting May 1.

Henry, who most recently served as executive vice president of finance in Shell's oil exploration division, was the head of investor relations in 2004 when Shell shocked investors with news that it had overbooked its oil and natural gas reserves by 20 percent.

He succeeds Peter Voser, who will take over as Shell chief executive July 1. Shell's board proposed that current Shell CEO Jeroen van der Veer become non-executive director after he retires in June, according to a Dow Jones Newswire report.

Henry, a U.K. citizen, served in various finance positions with Shell since he joined the company in 1982 as an engineer at a U.K. refinery. Shell has traditionally tapped its own internal candidates for the CFO role, Dow Jones reported. Voser spent most of his career at Shell before spending two years as chief financial officer at ABB, the Swiss engineering group, and then returning to Shell as finance chief in autumn 2004.

ING analyst Jason Kenney told Dow Jones Newswire Henry's experience helping manage a major stressful period at Shell could serve him well navigating the current difficult economic period and low oil prices.