Suggestions have been circulating that the ever-imminent takeover bid by 34% shareholder Royal Dutch Shell may be dissuading quality US and European executives who are looking for more security.

This position wasn't helped by a recent Akehurst address which re-ignited speculation of another Shell takeover bid for Woodside claiming that the reasons for blocking a merger between the oil companies are no longer as important as they were previously.

Akehurst fervently opposed Shell's $10 billion takeover bid in 2001, which was eventually blocked by the Australian Treasurer Peter Costello due to a potential conflict of interest with the company's international interests such as the massive Sakhalin project just north of Japan.

Now that the North-West Shelf gas reserves are becoming fully committed, Akehurst believes the debate on control of the project would switch from the marketing of the gas to simple operational considerations.

However, Woodside maintains that it is simply biding its time waiting for the right candidate while acting chief Keith Spence runs operations.

The company board has appointed a sub-committee to run the recruitment process while headhunting firm Russell Reynolds has produced a shortlist.

The process doesn't seem to be affecting investor sentiment with the share price maintaining an upward trend holding $13.68 at the time of printing.