Shell revamps for Voser era

OIL giant Shell announced a massive shake up yesterday, as incoming chief executive Peter Voser starts to make his mark on the company.<br /><br />The exploration and production, gas and power, and oil sands unit will be moved into two divisions, one covering North and South America, one covering the rest of the world.<br /><br />Voser, who takes over from Jeroen van der Veer on 1 July, said the company&rsquo;s operations had become too complex, and needed to be streamlined.<br /><br />Workers in restructured divisions who have overlapping functions face being reassigned or losing their jobs. Shell said that &ldquo;thousands of staff&rdquo; would be impacted by the changes, but didn&rsquo;t specify how many job cuts would be made.<br /><br />The affected divisions employ 22,000. Shell has 102,000 staff in total, an estimated 8,500 of which are employed in the UK.<br /><br />The news comes a day after Shell&rsquo;s head of gas and power, the first lady of oil, Linda Cook, unexpectedly stood down &ldquo;under mutual consent,&rdquo; having lost out on the top job.<br /><br />The shake-up comes amid a shareholder revolt over executive pay. Almost 60 per cent of Shell&rsquo;s investors voted against the company&rsquo;s remuneration policy last week. The oil giant paid bonuses despite the company missing performance targets. <br /><br />Shell&rsquo;s reshuffle comes over a year after rival BP merged its gas and power unit with its main exploration and refining units as part of a similar restructuring programme.