Financial Times: Shell appoints new CFO for exploration unit

By Mary Watkins in London

Published: April 8 2004 9:56 | Last Updated: April 8 2004 9:56  

Royal Dutch/Shell on Thursday said it was replacing the chief financial officer of its exploration and production business in another move aimed at restoring investors' confidence.

The appointment of Simon Henry, currently head of group investor relations, to replace Frank Coopman as CFO of the unit, comes just weeks after the Anglo-Dutch oil group shocked shareholders with news that it was cutting its proved reserves for the second time since January.

Shell said it had offered Mr Coopman "a key alternative position" within the group but he had chosen not to accept it. It added that it would "continue to work towards a mutually acceptable alternative."

Mr Henry's role would be filled "as soon as possible", Shell added.

Shares listed in London rose 2½p to 369¾p in morning trade.

Thursday's move is the latest in a string of new appointments made by Shell as it scrambles to restore confidence in the company.

Last month, less than two months after Shell announced it would be slashing its oil and natural gas reserves by 20 per cent, Sir Philip Watts, the group's embattled chairman, resigned. He was replaced by Jeroen van der Veer, head of chemicals and president of Royal Dutch.

Sir Philip's departure was accompanied by that of Walter van de Vijver, former head of the exploration and production division, who was replaced by Malcolm Brinded, the UK national who had led Shell's gas division and been a director of the board of Royal Dutch.