Published • loading... • Updated
BP CEO Shakes Up Structure in Push Back to Oil and Gas
Meg O’Neill said the overhaul will simplify BP’s portfolio and cut complexity as the company shifts back toward oil and gas.
- BP CEO Meg O'Neill announced an organizational overhaul effective July 1, restructuring the London-based major into two distinct divisions: upstream and downstream.
- The restructuring unwinds structural changes made by former CEO Bernard Looney in 2020, as O'Neill aims to "reduce complexity and strengthen execution" and address years of underperforming shares drawing activist shareholder Elliott Investment Management.
- Gordon Birrell will lead upstream, while Richard Harding takes downstream on an interim basis; Deputy CEO Carol Howle will oversee trading to optimize flows across both segments.
- This overhaul follows the removal of non-executive chairman Albert Manifold over "governance standards, oversight and conduct," though Manifold rejected "lies" about his conduct and disputed "excessive expenditure" claims.
- Shares were around 2.5% lower on Tuesday afternoon as BP continues to refine the overhaul and recruit a permanent downstream leader to replace Harding's interim role.
Insights by Ground AI
12 Articles
12 Articles
Refining and marketing area will be under Richard Harding's command; company fired its former board president, Albert Manifold, last month in the midst of moral harassment charges
·Brazil
Read Full Article
BP names heads of newly-created business segments in simplification push (BP:NYSE)
BP names Gordon Birrell as head of its upstream division and Richard Harding as interim head of downstream, as it starts to fill in its new organizational structure to simplify the company.
·United States
Read Full Article
bp overhauls corporate structure to streamline operations
bp will reorganize its business into two core segments—upstream and downstream—beginning July 1, simplifying its corporate structure as the company seeks to improve execution, reduce complexity and strengthen shareholder returns.
·Houston, United States
Read Full ArticleCoverage Details
Total News Sources12
Leaning Left2Leaning Right3Center3Last UpdatedBias Distribution38% Center, 37% Right
Bias Distribution
- 38% of the sources are Center, 37% of the sources lean Right
38% Center
L 25%
C 38%
R 37%
Factuality
To view factuality data please Upgrade to Premium
