Wael Sawan - CEO of Shell | Podcast | In Good Company | Norges Bank Investment Management

Welcome to another episode of In Good Company, where we delve into the insights of extraordinary leaders. Today, I had the pleasure of sitting down with Wael Sawan, the new CEO of Shell. In this fascinating conversation, Wael shared his journey, perspectives on energy transition, and thoughts on leadership.

The Journey of Wael Sawan

Wael Sawan is a Lebanese-Canadian business executive who took the helm as CEO of Shell in January 2023. His unique upbringing, having lived in both Lebanon and Canada, has significantly influenced his leadership style. Wael emphasizes that diversity of thought and experiences is central to his growth.

• Diversity of Experience: Despite having lived only five years in Canada and never in Lebanon, both cultures have shaped his resilience and perspectives.
• Resilience: Wael draws on the Lebanese sense of resilience, critical in navigating the complex energy landscape we face today.

The Complex Landscape of Energy

During our conversation, Wael highlighted some stark realities about energy access and the transition towards more sustainable solutions:

• Over 700 million people globally live without access to electricity.
• Approximately 2.5 billion people lack accessible cooking fuels.

These challenges underline the importance of providing sustainable energy while acknowledging the pressing needs of our society.

Leadership Lessons from Shell

With 26 years of experience at Shell, Wael shared the advantages of long-term involvement in a company before ascending to leadership:

1. Understanding the company’s history, context, and ambitions.
2. Building relationships and trust across various departments.
3. Seeing the intricacies of the integrated energy system.

As the CEO, Wael has embraced a leadership style focused on performance discipline, simplicity, and adaptability.

Shell's Strategic Imperatives

Under Wael's leadership, Shell has initiated a Sprint program, aiming for tangible results within a 10-quarter timeframe:

• Focus on enhancing value and reducing emissions.
• Reduction of multiple targets to just eight key objectives.
• Establishment of bi-weekly and monthly performance reviews.

Wael noted key areas where Shell excels and areas requiring improvement:

Transitioning Energy Systems

Wael shared views on the balancing act of transitioning to greener energy while maintaining current needs:

• Gas will play a crucial role in energy supply, likely remaining essential through 2040.
• Oil products may peak demand soon but could remain significant in the immediate future.

As part of Shell's journey in this transition, they are investing in:

1. Green hydrogen: Developing a major facility in Europe.
2. Biospace: Largest global blender of biofuels.
3. Carbon Capture and Sequestration: Engaging in key projects like Northern Lights in Norway.

Leadership Philosophy

When discussing leadership, Wael pointed out crucial traits:

• Humility: An appetite for continuous learning and adaptation.
• Clarity: Being transparent about the company's purpose and individual employee goals.

He also emphasized the importance of creating a supportive culture within Shell:

• Promote teamwork that connects personal aspirations with company goals.
• Encourage open communication and celebrate learning through mistakes.

Conclusion: Advice for Future Leaders

To the next generation of leaders and young people listening, Wael shared invaluable advice:

“Strive to be the best version of yourself, recognizing the unique strengths you bring to the table.”

In conclusion, Wael Sawan embodies thoughtful leadership in a transformative period for the energy sector, recognizing the vital balance between meeting today's energy needs and fostering a sustainable future.

Thank you for joining us on this episode of In Good Company. Stay tuned for more conversations with inspirational leaders from around the globe!

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