Shell, the oil company battered by accounting inaccuracies, has poached the finance director of ABB, the engineering group which last week said it was restating six years of accounts after admitting bookkeeping problems.
Shell has appointed Peter Voser as finance director and group managing director, replacing Judy Boynton, who was one of the casualties of a shake-up after the oil giant shocked investors by revealing it had overstated oil reserves.
Mr Voser, a Swiss national, worked for Shell for 20 years until leaving for ABB two years ago, when chief financial officer of oil products at the London-based Shell International arm.
His arrival at ABB came shortly before the company, which makes electronic motors, transmission systems and industrial robots, lurched into financial crisis, threatening to collapse under the weight of asbestos liabilities and debts run up through an acquisition spree.
While the ABB has, after a rights issue and asset disposals, stabilised its finances, the company last week admitted "accounting irregularities and other improper business practices" at an Italian business. Overbookings of £40 million had been made over six years.
ABB, which is also under investigation by the European Commission over price fixing allegations, said it would restate group results for six years, with the data set to be published later this year.
Jurgen Dormann, the ABB chief executive, said Mr Voser had made a "vital contribution" to the company's revival.
"The board and his ABB colleagues will miss Peter's drive and professionalism," Mr Dormann added.
However, Zuercher Kantonalbank, the Swiss bank, noted that Mr Voser's departure followed a failure to secure promotion at ABB.
"The news did not come as a complete surprise, given [he] was passed over when the company presented Sulzer AG’s Fred Kindle as successor to Jurgen Dormann," the bank said.
Shell was thrown into turmoil in January when its revealed the first of four reductions in its estimate of "proven" oil reserves. Further investigations revealing that some staff had, for months, been aware of problems in the way the company had accounted for reserves.
The crisis prompted the company to oust its chairman, Sir Philip Watts and exploration boss, Walter van de Vijver. Ms Boynton lost her boardroom post but remained employed by the company.
Shell shares stood 6.25p higher at 414.75p in morning trade.
