will cut around 15 per cent of the work force at its low-carbon solutions division and scale back its hydrogen business as part of CEO Wael Sawan’s drive to boost profits, the company confirmed in response to a query from Reuters on Wednesday.
The staff cuts and organizational changes come after Sawan, who took the helm in January, vowed to revamp Shell’s energy transition strategy to focus on the most profitable renewables and low-carbon business, steady oil production, and grow gas output. Shell will cut 200 jobs in 2024 and has placed another 130 positions under review as part of a drive to reduce the head count in the unit, a spokesperson said.“We are transforming our Low Carbon Solutions business to strengthen its delivery on our core low-carbon business areas such as transport and industry,” the company said.
The LCS operations include the hydrogen and other businesses looking at decarbonizing the transport and industry sectors, but does not include the renewable power business. Shell managers last week held several town hall meetings with the LCS division where the job cuts and organizational changes were announced, company sources said.Market data values update automatically. Checking box will enable automatic data updates.