BP's New Approach: Streamlines Structure For Efficiency And Clarity

Author: Lekha Gupta | April 18, 2024 11:29am

BP p.l.c. (NYSE:BP) disclosed the simplification of its organizational structure, supporting the delivery of the priorities it set out in February 2024.

BP will integrate the current regions, corporates & solutions organization into the businesses and functions and will now be supported by five functions – finance, technology, strategy, sustainability & ventures, people & culture, and legal. 

Meanwhile, the company’s financial reporting structure will remain unchanged. 

Also Read: BP’s New Offshore Platform in Azerbaijan Goes Operational

Apart from this, BP stated that the head of natural gas and low carbon energy Anja-Isabel Dotzenrath, planned to step down after just over two years and will be replaced by William Lin.

Read: BP Reclaims £1.8M From Dismissed CEO’s Pay Package

Also, the head of innovation and technology, Leigh-Ann Russell, will depart from the company and will be replaced by Emeka Emembolu.

Murray Auchincloss, chief executive officer, said, “As I set out in February, bp’s destination from IOC to IEC is unchanged – and we need to deliver as a simpler, more focused and higher value company. These changes will help us do just that, reducing complexity within bp, allowing our team to focus on delivering our priorities and growing the value of bp.”

This week, BP planned to cut over a tenth of the workforce in its electric vehicle charging business, BP Pulse.

Investors can gain exposure to the stock via Direxion Hydrogen ETF (NYSE:HJEN) and First Trust Exchange-Traded Fund IV FT Energy Income Partners Strategy ETF (NYSE:EIPX).

Price Action: BP shares are trading lower by 0.05% at $38.35 on the last check Thursday.

Photo: Jon Lyall via Shutterstock

Posted In: BP EIPX HJEN