Oil titan BP has announced plans to slim down its executive leadership amid a structural reorganisation led by new chief executive Murray Auchincloss. The company’s higher echelons will shrink to 10 from the previous 11, following the discontinuation of the regions, corporates and solutions division which is set to merge with other sectors within the firm.
William Lin, former head of the dissolved division, is due to oversee the gas and low carbon energy business. He succeeds Anja-Isabel Dotzenrath, who is retiring both from BP and her professional life.
Leigh-Ann Russell, who served as BP’s technology lead, is also departing to seek an “external opportunity”. Emeka Emembolu, BP’s current chief of staff and a 25-year veteran of the firm, is slated to replace her.
BP clarified that its streamlined senior leadership team will maintain an even gender balance. Post-restructuring, BP will consist of three main businesses backed by its trading and shipping division, and supported by five additional functions.
This comes as Mr Auchincloss makes his mark on the company, having taken the reins permanently in January. He commented: “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.”
The shake-up comes hot on the heels of a surge in BP’s stock value last week, sparked by rumours that Abu Dhabi’s state-run oil titan had eyed up, but ultimately dismissed, a takeover of the UK-listed energy heavyweight.
Buzz swirled last Thursday night around the Abu Dhabi National Oil Company (Adnoc) pondering a bid for BP, only to conclude that it didn’t quite fit the bill for their strategic ambitions. Despite the no-go decision, BP’s shares still soared on the back of the speculative interest.
Murray Auchincloss, who served as BP’s finance head for the lion’s share of 2023, stepped up as interim CEO in September following Bernard Looney’s unexpected departure.
