Firefighting Peter Voser to take over Shell top job in July 2009

By SAM FLEMING FOR MAILONLINE
Updated: 17:54 EST, 29 October 2008

The corporate firefighter who helped Royal Dutch Shell clamber out of its reserves scandal has been rewarded with the top job at the oil giant.

Swiss-born chief financial officer Peter Voser will become chief executive of the Anglo-Dutch titan in July 2009.

For the past four years he been helping incumbent CEO Jeroen van der Veer battle to restore Shell's reputation with investors.

The firm was immersed in one of the energy sector's biggest- ever corporate fiascos in 2004, when it emerged that it was overstating its oil reserves.

On his way out: Shell CEO Jeroen van der Veer will be replaced by Peter Voser

The admission led to lawsuits from investors and fines by regulators and prompted the departure in March 2004 of Phil Watts. Van der Veer took the helm in October of that year.

While it has bounced back over the past two years, Shell is still facing a huge battle to replace the oil it sucks from the ground.

Shareholders said Voser's appointment was welcome and surprising, because some had expected him to leave the oil industry.

Voser has a reputation for keeping a tough grip on costs in an industry noted for lavish spending.

Fund manager Andy Lynch of Schroders said: 'I'm a happy camper. Of the executive board Voser was by far and away the best qualified person to take Shell forward.'

Analyst Fadel Gheit of Oppenheimer & Co. said: 'He in came after the massacre in the boardroom, when they effectively decapitated the top management team.

'He is a very level-headed, forceful guy who has restored investor confidence in the company. He was a firefighter and he put out the fire.'

It is the first time in Shell's 101-year history that the top post went to someone who is neither British nor Dutch. Voser beat out exploration and production chief Malcolm Brinded and Linda Cook, who was head of gas and power.

While there will be speculation that they will look for jobs elsewhere, Shell controversially handed all three CEO candidates 'golden handcuff' bonuses to keep them sweet. Shell 'A' shares rose 177p to 1,705p.

At arch-rival BP, there are also moves afoot at the top table.

Miner Rio Tinto confirmed yesterday its chairman, former Shell man Paul Skinner, will be leaving at the end of next year.

Skinner is expected to join BP as its next chairman, replacing Peter Sutherland. BP rose 44p to 505¾p.