This Wall Street Journal ($) story reports on Royal Dutch/Shell Group‘s reassignment of Frank Coopman, the former top financial executive in its exploration-and-production business. Before a shakeup earlier this year, Mr. Coopman was the chief financial officer of Shell’s business units that were primarily responsible for booking Shell’s reserves. Disclosures earlier this year about its reserve accounting have prompted U.S. and European securities regulators to open investigations into Shell and led to industrywide constroversy over how energy companies estimate their oil and gas reserves.
Mr. Coopman’s reassignment is the latest in a reshuffling of senior Shell management since Chairman Philip Watts and Walter van de Vijver, former head of Shell’s upstream division, were fired last month. Shell’s board ousted Sir Philip and Mr. van de Vijver after Shell disclosed that it would reduce by 20% the oil and gas reserves it reports in filings to the Securities and Exchange Commission.