Former Shell CEO pay up 50%

Shell oil industry company announced on Thursday the financial remuneration of Ben van Beurden, the outgoing CEO, has increased by 50 percent to reach around $12 million.

The global energy crisis resulting from Russia-Ukraine war gained the company record high annual profits of $40 billion.

Wael Sawan is to replace Van Beurden who resigned at the end of last year. The former is to have a base salary of £1.4 million pounds, in addition to bonuses expected to exceed the salary.

The pay rise comes parallel to increased demands to lessen the effects of energy crisis on consumers through applying higher taxes on oil and gas firms scoring sky-rocketing profits.