Shell’s Ollila to join investment bank


Shell’s Ollila to join investment bank


NEW YORK (Bloomberg) -- Royal Dutch Shell Plc Chairman Jorma Ollila will join Perella Weinberg Partners, the New York-based boutique investment bank, as an advisory partner as his term at the oil company approaches an end.

A Finnish citizen who formerly ran Nokia Oyj and is also chairman of Outokumpu Oyj, Ollila will provide “senior counsel” to the firm and its clients, particularly in Europe, Perella Weinberg said in a statement today, June 30.

Shell, western Europe’s largest oil company, is looking for a new chairman as Ollila nears nine years on its board, the maximum recommended for non-executive directors in the UK.

Ollila presided over Nokia’s transformation into the world’s largest mobile-phone maker, before it fell behind Apple Inc. and Samsung Electronics Co. At its peak in 2000, Nokia’s market value exceeded 200 billion euros ($270 billion). The company is now valued at 20.8 billion euros. Ollila was chairman of Nokia until 2012.

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