Post-refinery era: Cesar Romero, other Pilipinas Shell executives to take pay cuts, zero bonuses in 2021 | Bilyonaryo Business News
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Post-refinery era: Cesar Romero, other Pilipinas Shell executives to take pay cuts, zero bonuses in 2021

Pilipinas Shell Petroleum Corp. will start its first full year as a 100 percent oil importer in austerity.

The top five highest paid officials of Pilipinas Shell led by president and CEO Cesar G. Romero are expected to have P55 million in salaries and zero bonus in 2021, down 16 percent from P65.8 million (P55.6 million in salaries and P10.2 million in bonuses) in 2020.

Aside from Romero, who was appointed to his post n 2016, the top five executive sof the company are Randolph Del Valle (VP for mobility), Dennis Evaristo C. Javier (VP for wholesale commercial fuels), Carlo D. Zandueta (human resources) and Jan-Peter Groot Wassink (VP for manufacturing).

Total compensation for all other directors have also been slashed to P42 million (P26.5 million salaries, P15.5 million other compensation, and zero bonus) in 2021, from P49.7 million (P33.1 million in salaries, P2.7 million in bonuses and P13.9 million in other compensation) in 2020.

Last August, Pilipinas Shell decided to convert its 58-year old, 110,000-barrel-per-day oil refinery into an import terminal to stem the losses from plunging oil prices and poor sales due to pandemic. Pilipinas Shell, which has 1,135 retail stations nationwide, incurred an impairment loss of P11.124 billion from the decommissioning and demolition of its refinery assets.

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