The Royal Dutch/Shell Group's two top executives quit on Wednesday two months after they slashed the company's estimated oil and gas reserves.
Chairman Phil Watts and the head of the company's core oil and gas division, Walter van de Vijver, would leave with immediate effect, the Anglo-Dutch oil giant said in a statement that made no reference to reasons for their departure.
Only a month ago, as he unveiled annual results, Watts insisted he would not resign. "No, I will not resign," Watts said on February 5. Investors had called for his head, but few had expected him to go before his scheduled retirement date in June 2005. Many had seen Van de Vijver as his successor.
Continued shareholder pressure appeared to change his mind.
Jeroen van der Veer, head of chemicals, is to take over Watts's role, while gas and power chief Malcolm Brinded takes over from Van der Vijver. Chief Financial Officer Judy Boynton, who has also drawn some investor criticism, stays in place.
Golf enthusiast Van der Veer is a mechanical engineer and economist by training, and colleagues say he makes up for a low-profile personality with a reputation as a safe pair of hands.
Florian van Laar, a fund manager with Eureffect, said: "This is great news because Watts was the man who was behind the reserves warning. Van der Veer has a good name and standing and this means Shell is trying to clean the slate and start afresh."
Watts was in charge of the oil and gas division from 1996 until he took over as chairman in 2001, covering the bulk of the period in which Shell's over-optimistic reserves bookings were made. Van de Vijver was his successor at the division.