BP is more than halving the size of its senior management team as part of Chief Executive Bernard Looney's drive to make the 111-year-old oil company more nimble as it prepares for the shift to low-carbon energy.
) is more than halving the size of its senior management team as part of Chief Executive Bernard Looney’s drive to make the 111-year-old oil company more nimble as it prepares for the shift to low-carbon energy.
In May 14 emails to staff seen by Reuters, Looney named over 100 so-called Tier 2 managers who will form the leadership teams of the 11 divisions he created in February to “reinvent” BP and move away from its traditional structure of upstream and downstream units. In April, BP cut its budget by 25% to $12 billion and said it would find $2.5 billion in cost savings by the end of 2021 through the digitalization and integration of its businesses.
“We’ll provide more information on the redundancy freeze in June,” Looney said in his email to employees.‘FOCUSED AND INTEGRATED’ “Together we will work hard to build a more modern, focused and integrated company - one that is well-positioned to meet the challenges and seize the opportunities that lie ahead,” Looney told staff.
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