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Royal Dutch CEO's pay jumps by 22%, 1000 jobs to be cut
by Ishita Sood - March 16, 2010 - comments
According to the company’s annual report, current CEO Peter Voser’s compensation rose to $4.4 million from $3.6 million in 2009. The amount includes his salary and performance bonus. Incorporated in the UK, the company is listed primarily in the London Stock Exchange and operates in over 140 countries.
Anglo oil company Royal Dutch Shell saw a rise in the package of its CEO by 22 percent in 2009.
According to the company’s annual report, current CEO Peter Voser’s compensation rose to $4.4 million from $3.6 million in 2009. The amount includes his salary and performance bonus.
Voser became CEO in July 2009.
Shell said on Tuesday that it was entering a period of growth and is currently assessing over 35 new projects.
Shell expects cash flow to increase
The company also said that it expects its cash flow from operations to increase by 50 percent, from 2009 to 2012.
Shell also expects its upstream oil and gas production to reach 3.5 million barrels of oil equivalent per day by 2012. The number was 3.15 million barrels in 2009.
“We are moving into a delivery window across the next five years, and beyond that, we have a tremendous opportunity set for the 2015-2020 time frame,” said Voser in a statement.
Shell to sharpen up; cut jobs
“The company had become too complicated and slower to respond than we'd like. So we are sharpening up,” Voser said.
In 2009, Forbes named Royal Dutch Shell the world's second largest corporation whose main business includes exploration of petroleum and natural gas.
The company announced on cutting more jobs before 2012. Currently, Shell has 100,000 staff worldwide, but it plans to cut 1,000 jobs this year. Last year it cut 5,000 jobs.
“The priorities are for a more competitive performance, for growth and for sharper delivery of strategy. We have more to do to drive out cost and improve the operating performance in the company,” said Voser.
The company also announced that it would soon start a scrip dividend option and that it will be paying 42 cents a share in the first quarter of 2010.
Oil analyst Jason Kenney of ING Group said, “On a medium term basis, the headlines look positive. 2010 is still a year of transition ... [but] 2011 and 2012 is where the pick up happens. The key positive today is highlighting the leverage to the upside on the oil price.”
About Shell
Headquartered in The Hague, Netherlands, Royal Dutch Shell, better known as Shell, is one of the largest petroleum companies of the world.
In 2009, Forbes named it the world's second largest corporation whose main business includes exploration of petroleum and natural gas.
Incorporated in the United Kingdom, the company is listed primarily in the London Stock Exchange and operates in over 140 countries.