By OGJ editors
HOUSTON, Mar. 11 -- Philip Watts, chairman of the Royal Dutch/Shell Group of Cos., has resigned, prompting a series of management changes in the continuing aftermath of a negative reserves revision announced in January.
Royal Dutch/Shell overestimated its proved oil and natural gas reserves by 3.9 billion boe, or 20%, the company reported (OGJ Online, Jan. 9, 2004). Watts did not participate in a Jan. 9 teleconference call with reporters and analysts regarding the reserves announcement.
His absence annoyed investors. He later issued a letter to reassure stockholders.
Watts was succeeded as chairman of the group's controlling Committee of Managing Directors by Jeroen van der Veer, president of Royal Dutch Petroleum Co.
Malcolm Brinded was appointed managing director and vice-chairman of the Committee of Managing Directors.
Brinded will step down from the Board of Management of Royal Dutch Petroleum and offer himself for election by shareholders of Shell Transport and Trading Co. PLC at an upcoming annual meeting.
Walter van de Vijver stepped down from the Board of Management of Royal Dutch Petroleum and as a group managing director, by mutual consent, a news release said. Watts also was said to have stepped down by mutual consent.
Van de Vijver's duties as chief executive of Shell's Exploration and Production business were assumed by Brinded, in addition to his current responsibilities for the gas and power business.
Rob Routs, currently a member of the Board of Management of Royal Dutch Petroleum, assumed van der Veer's responsibility for the chemicals business. Routs retained his responsibilities for the oil products business.