Shell Plc's NYSE:SHEL energy trading chief David Wells is set to retire after four years leading one of the company's most important earnings engines, according to people familiar with the matter. Wells, who has run the roughly 800-person unit since March 2022, will be succeeded by Bob Kijkuit, Shell's energy trading vice president for Europe and Africa.
Shell's trading arm spans oil, gas, fuels, chemicals, and renewable power, buying and selling both the company's own production and supply sourced from others. Although Shell does not separately disclose trading profits, the division remains closely watched by investors because its performance could heavily shape quarterly results.
The leadership change comes after Shell's first-quarter earnings were boosted by trading gains linked to energy market volatility, even as the company lost 10% of its oil and gas production because of the war in Iran. Kijkuit's current role will be taken by Galp Energia SGPS SA trading chief Rodrigo Vilanova, while a Shell spokesman declined to comment.