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Jessica Uhl to replace Simon Henry as Shell CFO

December 16, 2016

Royal Dutch Shell, evolving in the wake of a merger with BG Group, announced Chief Financial Officer Simon Henry is stepping down after seven years.

Henry was with Shell for more than 30 years and appointed as CFO in May 2009. He gave no reason for his departure. The company said Jessica Uhl, whose previous work entailed oversight over parts of Shell’s shale business in North America as well as gas exploration, takes over for Henry starting in March.

“I wish Jessica every success in the role, and am confident that she and Shell will deliver a world class investment, in the most responsible and sustainable way,” Henry said in a statement.

Shell reported adjusted profits for the third quarter of around $2.8 billion, about 17 percent better than one year ago. The company said it plans to spend about $25 billion next year, about 13 percent less than this year.

The Dutch supermajor is moving through the year after a merger with British energy company BG Group. Net income during the second quarter fell more than 70 percent to $1.18 billion. The company attributed that decline in part to some of the fiscal pressures from its $7 billion tie-up with BG Group, weak industry conditions and tougher tax regimes.

The company already left oil and gas operations in up to 10 countries, focusing more heavily on gas-rich Australia and shale opportunities in the United States. This week, it said deepwater oil was part of its strategic priority.

Uhl joined Shell in 2004, coming to the company from former energy conglomerate Enron, which collapsed in part due to unethical practices. Uhl’s role at Enron included acquisition of energy infrastructure projects like natural gas pipelines and liquefied natural gas.

Shell said joining with BG Group would boost its gas potential. In early July, however, Shell said “global industry challenges” and tighter purse strings led it to delay a final investment decision for a gas export facility in Canada.

Henry remains as CFO until March to sign off on the 2016 annual report before handing duties over to Uhl.

By Daniel J. Graeber

Source: UPI

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