Panoramic view of the BP sign and petrol station forecourt sign in Southend, UK, January 22, 2024.
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British oil giant BP cut its executive team to 10 members on Thursday and announced William Lin as the new head of the company’s oil and low-carbon energy business.
Jeremy Lin replaces Anja-Isabel Dotzenrath, who is retiring.
The company also announced Emeka Emembolu as the new leader of BP’s technology division, succeeding Leigh-Ann Russell, who is leaving the group.
BP said it was simplifying its organizational structure to help “increase value to the business”.
BP Chief Executive Murray Auchincloss said in a statement: “As I proposed in February, BP’s goal of moving from IOC to IEC has not changed. We need to become a simpler, more focused and higher value company.”
“These changes will help us do this, reducing complexity within bp so our teams can focus on delivering our priorities and increasing the value of bp,” he added.
BP’s executive team has been cut to 10 members from 11 previously as the company seeks to “reduce duplication and complexity in reporting relationships,” a statement said.
Current regions, companies and solutions organizations will be integrated into the company’s businesses and functions.
The energy giant said its financial reporting structure remains unchanged and it will continue to have three businesses: Production and Operations, Gas and Low Carbon Energy, and Customers and Products through Trade and Transport.
Shares of London-listed BP fell 0.8% on Thursday morning. Shares are up about 10% so far this year.
BP’s first-quarter results are scheduled to be released on May 7.
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