Energy
Thursday, April 18th, 2024 5:27 pm EDT
Key Points
- BP streamlined its executive team to 10 members, appointing William Lin as the new head of the firm’s oil and low carbon energy business, replacing Anja-Isabel Dotzenrath, who is retiring.
- Emeka Emembolu was announced as the new lead of BP’s technology functions, succeeding Leigh-Ann Russell, who is set to leave the group.
- The company simplified its organizational structure to enhance business value, aiming for a transition from an international oil company (IOC) to an integrated energy company (IEC), maintaining focus on delivering priorities and growing BP’s value.
British oil giant BP made significant changes to its executive team, reducing it to 10 members and appointing William Lin as the new head of the firm’s oil and low carbon energy business, succeeding Anja-Isabel Dotzenrath, who is retiring. Emeka Emembolu takes over as the lead of BP’s technology functions from Leigh-Ann Russell, who is leaving the group. The restructuring aims to simplify the organizational structure to enhance the business’s value. BP’s CEO, Murray Auchincloss, reiterated the company’s commitment to transitioning from an international oil company (IOC) to an integrated energy company (IEC). Auchincloss highlighted the importance of delivering on priorities and increasing BP’s value through these changes. The executive team reduction from 11 to 10 members seeks to minimize duplication and streamline reporting lines. Additionally, BP plans to integrate its current regions, corporates, and solutions organization into its businesses and functions. Despite these adjustments, BP maintains its financial reporting structure and will continue operating with three main businesses: production and operations, gas and low carbon energy, and customers and products, supported by trading and shipping. London-listed BP’s shares traded slightly lower following the announcement, with the stock showing a modest 10% increase year-to-date. The company is scheduled to release its first-quarter results on May 7.
For the full original article on CNBC, please click here: https://www.cnbc.com/2024/04/18/bp-cuts-executive-team-size-picks-new-head-of-gas-and-low-carbon-energy.html
