AP News

News Summary: Shell CEO Voser to retire in 2014


SURPRISE BYE-BYE: Royal Dutch Shell CEO Peter Voser will step down in 2014. That's a surprise, as Voser, 54, is well-regarded in the industry. The company didn't say why he is leave.

VOSER VIEW: Voser led Shell since July 2009, investing heavily in production. In particular he focused on expanding the company in liquefied natural gas, or LNG. Shell became Europe's largest oil company by market capitalization on his watch.

PROFIT DOWN: The announcement came as Shell said its profit fell to $8.18 billion from $8.74 billion in the first quarter of 2012. Revenues fell 5.1 percent to $112 billion.


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