BP cuts size of executive team, shakes up structure

18th Apr 2024 08:11

(Sharecast News) - BP has trimmed its executive team as part of a shake-up of its organisational structure, it was confirmed on Thursday.

The British oil and gas giant is cutting its executive team, led by chief executive Murray Auchincloss, to 10 members.

It will also integrate the regions, corporates and solutions division into other business units, with current head William Lin taking over as executive vice president of gas and low carbon energy. Anja-Isabel Dotzenrath, its current head, is retiring.

Leigh-Ann Russell, who leads innovation and engineering, is also leaving the company. Following her departure, Emeka Emembolu will head up the function, renamed technology.

Once the overhaul is completed, BP will have three businesses - production and operations, gas and low carbon energy, and customers and products - alongside the trading and shipping unit.

There will also be five functions supporting the business units, including finance, technology and legal.

Auchincloss - who took over from Bernard Looney last year - said: "BP's destination from international oil company to integrated energy company is unchanged, and we need to deliver a simpler, more focused and higher value company.

"These changes will help us do just that, reducing complexity [and] allowing our team to focus on delivering our priorities and growing the value of BP."

Formerly chief financial officer, Auchincloss took over as interim chief executive in September following Looney's shock resignation.

He was named permanent chief executive in January, and has pledged to stick with the energy transition introduced by Looney.