Shell’s (LON: SHEL) chief executive Wael Sawan earned just shy of £8 million from his work with the London-listed supermajor in 2023.
With a total remuneration package of £7.94 million for his work in 2023 with the boss receiving a £2.71m bonus, half of which was delivered in cash and the rest in shares. Mr Sawan’s bonus was reined in somewhat by fatalities in 2023.
Looking to the year ahead, Shell has shared that its boss’ salary of £1,400,000 will increase by 3.9%.
Looking to the bonus the Shell boss can expect for 2024, if he achieves the highest amount available he can take home 250% of his £1,455,000 salary.
Last year marked Mr Sawan’s first year in charge of the UK supermajor with him being appointed chief executive officer and a board director effective January 1, 2023.
Last week it was confirmed that BP’s chief executive, Murray Auchincloss took home just over £8m in pay in 2023, including £6.5m in bonuses.
Mr Auchincloss will take home a £1.45 million salary in 2024.
‘Ruthless’ Shell
Wael Sawan pledged to be “ruthless” in improving performance and boosting investor returns.
The company has vowed to cut operating costs by $2 billion to $3 billion and chief financial officer Sinead Gorman said last month that more than $1 billion of structural savings have already been delivered.
Recently Shell has made headlines as it looks to cut jobs to reduce costs. Recent reports say the firm is looking to eliminate 20% of jobs in its deals team as the company continues to restructure its business units.
Mr Sawan aims to trim costs and be more competitive with US rivals like Chevron and Exxon Mobil.
Late last year it was said that roles are being eliminated on a division-by-division basis, with those affected offered options including redundancy packages or applying for jobs elsewhere in the company.
Amidst this, the London-listed supermajor is continuing with its share buybacks after a strong performance from its gas traders offset the impact of lower commodity prices in the fourth quarter of last year.
In its Q4 results, Shell reported “exceptional” trading opportunities on the global gas market and higher volumes of liquefied natural gas available for sale thanks to the end of maintenance works at its Prelude facility in Australia.
Last month the company said it will repurchase $3.5 billion of shares this quarter, matching the level of the preceding three months.
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