To Bin? Or Not To Bin?

Photograph for TIME by PATRICK SWIRC/CORBIS OUTLINE

TRIUMPHANT: Vivendi CEO Fourtou basks in the glory of giving the giant French conglomerate a second chance.

The board at shell knew it needed to do something, and fast. A shock revelation in January — that the world's third-largest oil company had overstated its proven petroleum reserves by 20% — was pummeling its stock price and angering its shareholders. Regulators on two continents were opening far-reaching inquiries. So in early March the board took action, ousting Philip Watts, who had been managing director of the Anglo-Dutch company for almost seven years and chairman since 2001, and replacing him with Jeroen van der Veer, president of Shell's Dutch sister company, Royal Dutch...

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