A general view of the BP logo and petrol station forecourt sign on January 22, 2024 in Southend, United Kingdom.
John Keeble | Getty Images News | Getty Images
British oil major BP on Thursday reduced its management team to 10 members and announced that William Lin would be the new head of the company’s low-carbon oil and energy businesses.
Lin replaces Anja-Isabel Dotzenrath, who will retire.
The company also announced Emeka Emembolu as the new head of BP’s technology functions, succeeding Leigh-Ann Russell, who is to leave the group.
BP said it was simplifying its organizational structure to help “increase the value” of the company.
“As I indicated in February, BP’s destination from IOC to IEC remains unchanged – and we must act as a simpler, more focused and higher value company,” said BP CEO , Murray Auchincloss, in a press release.
“These changes will help us achieve this, by reducing complexity within bp, allowing our team to focus on delivering on our priorities and increasing the value of bp,” he added.
BP’s management team has been reduced to 10 members, from 11 previously, as the company seeks to “reduce duplication and complexity of reporting lines”, a statement said.
The current organization of regions, businesses and solutions will be integrated into the firm’s activities and functions.
The energy major said the company’s financial reporting structure remained unchanged and it would continue to have three businesses: production and operations, low carbon gas and energy and customers and products – through trading and maritime transport.
Shares of BP, listed in London, fell 0.8% on Thursday morning. The stock price is up about 10% year to date.
BP’s first quarter results are scheduled to be released on May 7.
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