September 12, 2009

Peter Job retires from Shell Oil board

Shell Oil board member Peter Job has retired following a shareholder revolt over management bonuses, company officials said.

A statement from the oil company, whose board met Friday in The Hague, Netherlands, indicated Job has stepped down from its remuneration committee. His place on the board of directors will be taken by Hans Wijers, a former Dutch economics minister who is chief executive of chemicals and paints group AkzoNobel, The Times of London reported.

The newspaper said Job, 65, formerly chief executive of Reuters, had sparked shareholder anger by moving to give a $2 million bonus to outgoing Shell Chief Executive Officer Jeroen van der Veer even though the company had failed to meet performance targets for 2006 to 2008.

Shareholders voted in May to reject van der Veer's bonus, The Times said.