Dan Loeb’s Fund Praises Shell’s ‘Ruthless’ New Leadership Team
- Third Point still sees Shell shares as being undervalued
- Fund says Shell CEO can close valuation gap with its peers
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Activist investor Dan Loeb’s fund praised Shell Plc’s new management team for prioritizing investor returns and cutting costs.
The oil giant’s new Chief Executive Officer Wael Sawan and Chief Financial Officer Sinead Gorman “have demonstrated an unwavering commitment to shareholder value, capital discipline, and improved returns,” Third Point LLC said in an investor letter dated July 31. It also applauded the company for eliminating “meaningless targets.”