Royal Dutch/Shell Group said today that its former chief finance officer Judith Boynton, who was ousted from her executive role at the height of the oil giant's reserves crisis last year, is to receive a severance package worth $1m.
Boynton, who had remained an adviser to chief executive Jeroen van der Veer, left the company altogether in December by 'mutual agreement' to pursue other career opportunities, Shell said in a statement.
The pay deal is consistent with the previously announced terms of her employment contract, Shell said. Boynton, an American, will also retain the rights to existing stock options and restricted share grants but will not be entitled to bonuses and benefits from the group's long-term incentive plan.
The Shell board had asked Boynton, who also used to be a member of the six-member committee of managing directors, the Anglo-Dutch oil giant's decision-making team, to give up her CFO role last April, three months after Shell admitted that it overstated oil and gas reserves by 20%.
Philip Watts and Walter van de Vijver, respectively the former chairman and head of the exploration and production business, were also forced to resign following the scandal.
