Shell chief executive to retire as company posts £4.8bn profits

 
Suzie Neuwirth

OIL GIANT Royal Dutch Shell today announced that profits had risen to $7.5bn (£4.8bn) for the first quarter of 2013, a three per cent increase year-on-year.

The FTSE 100 company also said that chief executive Peter Voser would retire in the first half of 2014, having headed up the company since July 2009.

Commenting on the quarter results, Voser said: “Our industry continues to see significant energy price volatility as a result of economic and political developments.

“Oil prices have fallen recently but Shell is implementing a long-term, competitive and innovative strategy against this volatile backdrop.”

The company has issued an incrased dividend of $0.45 per share for the quarter.

“Dividends are Shell's main route for returning cash to shareholders,” said Voser. “Our improving cash flow also enables us to accelerate our share buyback programme, this year so far we have repurchased some $1.2bn of shares by the end of April.”