SHELL has said that a key director is to leave the business, after announcing on Monday that it was exiting Russia in response to the deplorable loss of life that has followed the invasion of Ukraine.
READ MORE: Shell moves to exit Russia as it deplores loss of life in Ukraine
As the Brent crude price hit a fresh high amid concern about potential disruption to supplies, the oil giant said yesterday that chief financial officer Jessica Uhl had decided to stand down after five years working in the post.
The job, which effectively made her second in command to chief executive Ben van Beurden, is one of the biggest in the industry.
However Shell said Ms Uhl had made the decision to leave after the group chose in November to move its headquarters from the Netherlands to London.
“Due to family circumstances a long-term relocation to the UK is not sustainable, and therefore she will step down from her role,” it said.
The Scot who chairs Shell, Sir Andrew Mackenzie, said Ms Uhl had made a tremendous contribution to the group and declared: “The company’s strength today is testament to her professionalism, resolve and values-driven leadership”.
READ MORE: Shell boss says energy giant is eyeing North Sea gas developments after Cambo U-turn
On Monday evening Shell announced that it intended to exit its joint ventures with Russia’s Gazprom and related entities.
“We are shocked by the loss of life in Ukraine, which we deplore, resulting from a senseless act of military aggression,” said Mr van Beurden then.
Brent crude sold for $107.06 per barrel yesterday afternoon, up around nine per cent on the day.
The US and the 30 other member countries of the International Energy Agency made an extra 60 million barrels of crude available in a bid to reassure markets.
Ms Uhl, who is a US citizen, will stand down from her post on March 31 but remain with Shell until June 30 to assist with the transition. She will be succeeded by Sinead Gorman who has spent more than 20 years at Shell.
Ms Gorman is a British national and is currently head of finance for Shell’s key upstream exploration and production arm, which includes a big North Sea operation. She will be based in London in her new role.
The Oxford university graduate joined Shell in 1999 and started work in its North American trading operations, before taking on increasingly senior finance roles around the world.
Sir Andrew said Ms Gorman combines broad finance, trading, new business development and capital projects experience with a deep knowledge of Shell, and a strong commercial and external focus.
“I look forward to working with her in the execution of our strategy to accelerate Shell’s transition to a net-zero emissions energy business purposefully and profitably,” he said.
READ MORE: North Sea firms to make huge payouts to investors
Ms Uhl said: “It has been an immense privilege to contribute to Shell’s leadership as we sought to reposition Shell for the future. Our forward thinking on the energy transition and firm commitment to reflect our principles and values in all we do made each day meaningful.”
Ms Uhl joined Shell in 2004 after working for Enron and Citibank.
Shell shares closed down one per cent, 21p, at 1951p.
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