Shell CEO Wael Sawan's total pay was $10 million in 2023
Reuters
Published Mar 14, 2024 07:25
Updated Mar 14, 2024 07:51
(Reuters) - British oil major Shell (LON:RDSa)'s CEO Wael Sawan's total pay package in 2023 was 7.9 million pounds ($10.11 million), including an annual bonus of 2.7 million pounds, its annual report showed on Thursday.
Sawan was appointed to the top job at Shell at the start of 2023, replacing Ben van Beurden, who received a total remuneration of 9.7 million pounds in 2022.
Shell's profit dropped 30% to $28 billion, it reported last month, marked by lower chemicals and refining profit margins and slower fuel sales due to sluggish global economic activity.
Sawan was appointed on a salary of 1.4 million pounds, a pay component typically outstripped by additional performance-related payments.
Last week, rival BP (LON:BP) said it clawed back 1.8 million pounds from former CEO Bernard Looney's 2023 pay package following his dismissal on Dec. 13 for failing to disclose past relationships with employees.
Shell's shares have risen nearly 9%, as of last close, since Sawan took over as CEO. ($1 = 0.7817 pounds)
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Written By: Reuters
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