A general view of the BP logo and petrol station forecourt sign on January 22, 2024 in Southend, United Kingdom.
John Keeble | Getty Images News | Getty Images
British oil major BP on Thursday trimmed its executive team down to 10 members and announced William Lin as the new head of the firm’s oil and low carbon energy business.
Lin replaces Anja-Isabel Dotzenrath, who will be retiring from the position.
The company also announced Emeka Emembolu as the new lead of BP’s technology functions, taking over from Leigh-Ann Russell, who is due to leave the group.
BP said it was simplifying its organizational structure to help “grow the value” of the business.
“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,” BP CEO Murray Auchincloss said in a statement.
“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,” he added.
BP’s executive team has been cut to 10 members, down from 11 previously, as the company seeks to “reduce duplication and reporting line complexity,” a statement said.
The current regions, corporates and solutions organization will be integrated into the firm’s businesses and functions.
The energy major said the financial reporting structure of the firm remains unchanged and that it will continue to have three businesses: production and operations, gas and low carbon energy and customers and products — enabled by trading and shipping.
Shares of London-listed BP traded 0.8% lower on Thursday morning. The stock price is up around 10% year-to-date.
BP’s first-quarter results are scheduled for release on May 7.