Uhl Becomes Shell CFO, Henry Gets €4.5mn Payout

Jessica Uhl took over as Shell's CFO March 10, her predecessor Simon Henry having stepped down the previous day from the position and Shell's board, with the merger of BG largely completed and the benefits to Shell booked earlier than expected.

Until March 9 Uhl was executive vice president for finance for the Integrated Gas business. Previous roles included the same title at Upstream Americas, and also vice president, finance, for Upstream Americas Unconventionals.

Shell CFO Jessica Uhl, (Photo credit: Shell)

Henry leaves the company June 30 after the hand-over period, the Anglo-Dutch major said. "He will repatriate to his base country, the UK, and become an employee of Shell International Limited, with effect from April 1, 2017. Mr Henry remains available to the incoming chief financial officer and to the Shell Board to assist with the transition and will leave employment with the Shell group on June 30, 2017," the statement added.

Henry will receive a gross payment of €2.288mn ($2.43mn) , equivalent to one times annual pay (base salary plus target bonus). The payment for 'loss of office' will be phased in six equal monthly instalments, and outstanding payments will be halved if Henry resumes an equivalent full time executive role in that period. He also receives £780,000 (€894,000) for the duration of his employment.

Former Shell CFO Simon Henry (Photo credit: Rio Tinto)

He has been appointed a non-executive director of mining giant Rio Tinto with effect from July 1 2017 and has been a non-exec at UK bank Lloyds Banking Group since mid-2014; however neither singly or together are expected to count as full-time role.

Henry is also to receive an annual bonus of €1.35mn gross on the basis of achieving goals in 2016, half of which has been paid into the Deferred Bonus Plan. His bonus for 2017 has not been decided. 

Two new non-execs

Shell said March 9 it would propose to its 2017 AGM that Catherine Hughes and Roberto Setubal be appointed non-executive directors with effect from June 1 and October 17 respectively.

Hughes was executive vice president, international at Canadian upstream firm Nexen (now part of Chinese state CNOOC) in 2012-13. She joined the company in 2009 after a career in Schlumberger. Since 2013 she has been a non-exec at Statoil (until 2015) and at Canadian constructor SNC Lavalin.

Setubal is CEO and board vice-chair of Sao Paulo-based Itaú Unibanco Holding from which he retires next month. He joined the Brazilian bank in 1984 after a brief period with Citibank in New York.

Former Chevron manager Patricia Woertz, appointed a Shell non-exec in 2014, meanwhile is stepping down.

William Powell,  Mark Smedley