On Thursday, British oil giant BP streamlined its executive team to 10 members and appointed William Lin as the new leader of the company’s oil and low-carbon energy business, succeeding Anja-Isabel Dotzenrath, who is retiring from the role.
Additionally, Emeka Emembolu was announced as the new head of BP’s technology functions, taking over from Leigh-Ann Russell, who is set to depart from the company.
The restructuring aims to simplify BP’s organizational framework to enhance the value of the business.
BP CEO Murray Auchincloss emphasized the company’s commitment to transitioning from an International Oil Company (IOC) to an Integrated Energy Company (IEC), affirming the need for a streamlined, focused, and high-value approach.
“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,” Auchincloss stated.
The executive team has been reduced from 11 to 10 members as part of the effort to minimize duplication and streamline reporting lines. The current regions, corporates, and solutions organization will be integrated into the company’s businesses and functions.
BP clarified that its financial reporting structure remains unchanged, with three core businesses: production and operations, gas and low carbon energy, and customers and products, supported by trading and shipping.
Despite these changes, London-listed BP saw its shares trade 0.8% lower on Thursday morning. However, the stock has experienced a 10% increase year-to-date.
Investors are awaiting BP’s first-quarter results, scheduled for release on May 7.
