Bloomberg reported on Friday that two executives have recently left Shell, the European energy giant as it scales back investment in green technologies.
As part of Wael Sawan’s efforts to increase profits and shareholder value, the U.K. Energy giant recently shifted back its focus to its core oil-and-gas business. Bloomberg reported that the company confirmed Thomas Brostrom’s departure as global executive vice-president for renewable generation. This comes just a little over a week following Steffen Krutzinna’s departure as team leader of quantitative trading in Shell trading subsidiary Next Kraftwerke.
Shell’s spokesperson informed the Daily Caller News Foundation that Thomas Brostrom had chosen to leave Shell in order to pursue a new opportunity. “We wish Thomas Brostrom all the best, and thank him for making a significant contribution to Shell’s business in renewable energy.”
Bloomberg reported that Shell will eliminate Brostrom’s position as executive vice president of renewable generation with a restructuring set to take place on July 1. Renewable energy generation will now be overseen by regional heads within the company who report to Steve Hill, Executive Vice President.
Shell and BP, the other British energy giant, have shifted their focus away from renewables as Exxon Mobil & Chevron outperformed them. Shell stated in a recent press release that the company intends to achieve its goal of producing zero carbon emissions by the year 2050. However, in a footnote the company states it faces a “significant risk” if it fails to meet the target unless society as a whole makes a shift.