Nunan as "chief of staff" is effective May 22. New strategy expected in June. So July to announce the reorg, but then something as big as reshape 2.0 takes a year+
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It’s funny (not really) to think about how much money has been doled out over the years in bonuses, options, promotions, for “innovative streamlining initiatives“.
(1) Hey! Let’s roll up functions into a centralized core for quicker decision synergies and cost reductions; then the next exec comes in with the brilliant idea (2) Hey! Let’s disburse functions to the businesses for quicker decision synergies and cost reductions. (3) Rinse, repeat.
Ya gotta love it.
The rumor is P&T, but just a rumor at this point. From what I understand Weal’s position is technology transfer is too slow and costly. Possibly imbedding P&T directly to some of the business.
Again, just a rumor.
Someone need to toss us a bone on the 411.
What functions will be targeted?
Ready to volunteer as tribute
The next P&T shoe has dropped. Berkelmans is out. The dominos are falling. This will be trickle down Corp economics. Heads are a rolling. Polish up those CV’s and strap in for the ride.
And now we see the new head of P&T comes from outside P&T. That sends a pretty clear signal. There are quite a few EVPs in P&T who have been there a while who will be spending a lot more time with their family come the summer holidays.........
They are coming. Why do you think Wael appointed a Chief of Staff less than a month ago. First time in Shell history. “The role will involve coordinating and overseeing operations between Shell’s different businesses to reduce costs and tackle performance issues that weighed on Shell’s profits in recent years.” Reuters 2/23. It goes on to talk about this person not sitting on Shell’s exec committee, but will take part in the meetings. AKA The new hatchet person. Read between the lines people. Boost profits is another corp dog whistle for trim the fat baby. This would also help with the lagging stock price that’s taken a nose dive in the last few days.
I think JG1 staff and JG2 staff will also be affected, though, just like in ReShape.
Based on how slow Reshape took - I’d wager early 2024 for staff (JG3 and below)
Soon, I hope. But this is Shell so likely not to see much until summer, at the soonest.