The boss of oil giant Shell announced more bumper profits on Thursday but said he intends to quit the group next year in search of a “change in lifestyle”.
Peter Voser, who is 54 and has been chief executive of Royal Dutch Shell since July 2009, told staff he wanted to spend more time with his family.
The announcement came as Shell posted profits of just under $8 billion for the first quarter of the year an increase of 4% on a year ago and better than analysts in the City had been forecasting.
Shares were 1% higher in early trading and closed up 0.77% at 2276p.
The Anglo-Dutch company’s first quarter results revealed how it weathered volatility in energy markets, including a recent drop in oil prices, with improved profits from refining and trading.
Mr Voser said the growth in earnings was also underpinned by better downstream profitability, despite security difficulties in the major African market of Nigeria.
In UK waters, the period saw Shell increase its interests in the Schiehallion and Beryl fields with further investment in both expected to prolong the productive lives of the West of Shetland and northern North Sea assets.
Overall production rose by 2% on the same period last year, reaching 3,559,000 barrels of oil equivalent per day worldwide.
The company’s board also announced the first-quarter dividends for both A and B ordinary shareholder would rise by two US cents to 45 per share, while American Depositary Shares would also rise by 5%, to 90.
Mr Voser first joined Shell in 1982 and held a variety of finance and business roles in Switzerland, the UK, Argentina and Chile before leaving to join power technologies firm ABB in 2002. He returned to Shell in October 2004.
He said: “After almost 10 years as chief executive and chief financial officer and more than 25 years in Shell, I have elected to retire in the first half of 2014.
“After such an exciting executive career I feel it is time for a change in my lifestyle and I am looking forward to have more time available for my family and private life in the years to come.”
Mr Voser’s tenure has been played out against the background of turmoil at big rival BP after the Gulf of Mexico disaster in 2010.
He pointed out that Shell had distributed £7.1 billion in dividends to shareholders over the last year, the highest in the industry.
Shell has around 30 projects under construction.
“Our profits pay for Shell’s dividends and investment in new projects to ensure affordable and reliable energy supplies for our customers, and to add value for our shareholders,” Mr Voser added.
He was paid more than 5 million euro last year, including a salary of 1.6 million euro and bonus of 3.3 million euro.