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DAILY MAIL (UK): Bosses play snakes and ladders in the boardroom: “THE cataclysm at Shell has thrown up both winners and losers. The biggest loser is Sir Philip Watts, ousted as chairman last March.” (ShellNews.net) 7 Jan 04

 

THE cataclysm at Shell has thrown up both winners and losers. The biggest loser is Sir Philip Watts, ousted as chairman last March.

 

Not only did Watts lose his £1.8m-a-year job, but he was plunged into a Financial Services Authority investigation and became a target of multiple US class actions.

 

A £1.05m payoff and a £1O million pension pot cushioned the blow, but Watts is still beset with problems. His lawyers Herbert Smith are negotiating with the FSA on a possible settlement to its probe. He appealed its findings to the Financial Services and Markets Tribunal, which was due to hold preliminary hearings on December 12 and 13. But both sides agreed to adjourn until April for compromise talks.   

 

Walter van de Vijver lost his £600,000-a-year job as Shell's exploration director, where he was directly responsible for the reserves. Intriguingly, his payoff was £2.5m - more than his boss Watts.

 

Judy Boynton stepped aside as finance director after a clamour about what and when Shell's surviving bosses had been told about the problems. She is still on the payroll as a consultant. Her contract entitles her to a £550,000 payoff.

 

Lord Oxburgh, 69, was a surprise winner from the shake-up. One year off retirement, the scientist and academic found himself propelled into the role of chairman.

 

Jeroen van der Veer was running the unglamorous chemicals division until his sudden promotion in March. He could be a big winner if Shell's new single structure means - as it surely will - bigger bonuses.

 

Malcolm Brinded, the new exploration chief, is a winner - provided he can bring in the big finds Shell desperately needs. Brinded took the precaution of learning Dutch - a wise move as the balance of power shifts to The Hague.

 

The FSA is another winner. Shell had to pay a £17m fine - the FSA's largest ever - for market abuse.

 

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