Watts steps down as Shell chairman

Philip Watts is to stand down as chairman of Shell – two months after the oil giant shocked investors with a sharp downgrade in the level of its reserves.

The departure of Watts, who is chairman of the committee of managing directors of the Royal Dutch Shell Group of Companies, comes after a board meeting earlier today. Shell said his departure was by “mutual consent”.

Last month Watts pledged to ride out the storm over January’s announcement of 20% lower levels of proven oil reserves, equivalent to around 3.9 billion barrels.