Sudden, but not surprising...
Category: Oil & Gas...
Posted Wednesday, March 03, 2004 at 03:05 PM [GMT-6]

Sir Philip Watts has just resigned as chairman of Royal Dutch/Shell. As you may recall, Shell took a huge writedown of reserves back in January, and it didn't take a psychic to predict that some heads would eventually roll.

As the Bloomberg article points out, this was not the first "stumble" under Watts' leadership (if you can properly call a multi-billion dollar writedown a "stumble"). I guess £1.6m/annum just doesn't buy the kind of help it used to.

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