AccountancyAge.com Shell CFO's position under threat
By Paul Grant [10-03-2004]
Judy Boynton's tenure as chief financial officer at Anglo-Dutch oil group Royal Dutch/Shell looks under threat following the departure of the company's chairman and head of exploration and production last week.
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As a close confidante of former chairman Philip Watts, support for Boynton has taken a large dive, according to sources quoted in the Financial Times.
Boynton, who joined Shell from Polaroid in 2001, was one of the names mentioned when investors called for management changes, following an erroneous booking that resulted in the company, in January, cutting 3.9 billion barrels, or 20%, from the reserves it claimed in US Securities and Exchange Commission filings.
The aftermath of this cut is expected to see Shell also ask for the resignation of several managers. Around 14 US law firms are planning to file class action suits against the group following the reserves restatement.
She is currently one of just a handful of senior executives working in the FTSE100.