The chief executive of Shell Peter
Voser has stunned investors
with a surprise announcement
that he is to retire next year.
Peter Voser, who is 55, said his
decision was driven by a desire
for a change of lifestyle.
Voser has run Europe's top oil
company since 2009 and led it
to a position of sector leader in
the burgeoning industry of
liquefied natural gas (LNG).
He said: "After almost 10 years
as CEO and CFO and more than
25 years in Shell, I have elected
to retire in the first half of 2014.
"After such an exciting executive
career I feel it is time for a
change in my lifestyle and I am
looking forward to having more
time available for my family and
private life in the years to come."
Shell, the last of the western
world's top four oil companies
to report results, joined its peers
in delivering a result that topped
market expectations, thanks in
part to strong refining and
trading performances, and
despite production troubles in
Nigeria and lower oil prices.
Adjusted net profit on a current
cost of supply basis rose to
$7.5bn (£4.82bn) in the quarter
from $7.3bn a year ago.
Shell did not take a writedown
on its unsuccessful Alaskan
drilling programme as some
analysts had expected but it was
the retirement announcement
which dominated talk after the
results were released.
Shares rose slightly in value
when the FTSE 100 opened for
business.
Shell chairman Jorma Ollila
praised Voser's leadership of the
Anglo-Dutch company.
He said: "Peter's leadership of
Shell over the last four years has
been impressive, reorganising
the company, delivering growth,
and developing a clear forward
strategy with a strong portfolio
of new options.
"I have enjoyed working with
Peter, in a period of great
change and progress for Shell,
and I wish him well for the
future."

Abraham Maslow's Hierarchy of Needs. Self-actualisation. I believe he has conquered his need for materialism.