SHELL SHEDS 150 SENIOR MANAGERS IN SHAKE-UP

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All the senior managers at Royal Dutch Shell have been made to re-apply for their positions and 150 of them have lost their jobs, the company revealed today as it warned of substantial further job cuts spreading across the group.

The 750 executives in what is called the EC-2 level, two steps down from the top executive committee, have been cut to 600 in the shake-up launched by Peter Voser, the new chief executive who took over at the beginning of the month.

被过滤广告The plan, including the break-up of the company's gas and power division, is intended to simplify Shell's structure, reduce bureaucracy and improve efficiency.

Mr Voser said in a statement yesterday: “Conditions are likely to remain challenging for some time, and we are not banking on a quick recovery. Shell is adapting to this new situation, and we must do more.”

He added: “Substantial further staff reductions are likely.”

Mr Voser said he would not give figures for planned job cuts or cost savings across the company, but that over the next few years his programme would “generate cost-saving opportunities that will run into the billions of dollars”.

He added that the restructuring plan, called “Transition 2009”, would be completed by the end of the year.

Like the rest of the industry, Shell has been hit by the fall in oil and gas prices over the past year and a squeeze on refining margins. Revenues were down 51 per cent at $63.9bn (£39bn).