BP’s New CEO Moves to Reshape Company, Overhaul Leadership

Meg O'Neill Photo by Brent Lewin /BloombergArticle content(Bloomberg) — BP Plc’s new Chief Executive Officer Meg O’Neill is restructuring the company and consolidating its leadership, moving quickly to fulfill her remit of turning around the beleaguered energy giant after years of underperformance.Sign In or Create an AccountEmail AddressContinueor View more offersArticle contentIn O’Neill’s first internal all-staff call, she told employees on Tuesday the company is moving to a traditional upstream-downstream model, according to employees on the call. She did not say who would be leading the two divisions — one focused on exploration and production, and another on refining. Article contentWe apologize, but this video has failed to load.Try refreshing your browser, ortap here to see other videos from our team.Article contentArticle contentO’Neill took over on April 1, with a mission to make the company leaner, focus on oil and gas production growth and divest low-return clean energy assets. She replaced Murray Auchincloss, ousted last year by new Chairman Albert Manifold, who said changes weren’t happening fast enough.Article contentTop StoriesGet the latest headlines, breaking news and columns.There was an error, please provide a valid email address.Sign UpBy signing up you consent to receive the above newsletter from Postmedia Network Inc.Thanks for signing up!A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againInterested in more newsletters? Browse here.Article contentThe restructuring is an effort to simplify the oil major, a priority O’Neill outlined in an email to staff on her first day as CEO. Article contentO’Neill told staff on Tuesday’s call that her focus is on rebuilding trust with employees, which some said was received well after faith in senior leadership plummeted in recent years, according to people familiar with the matter. Article contentThe restructuring comes after last week’s departure of Emma Delaney, executive vice president of customers and products — a division spanning fuels, convenience retail, aviation fuel, lubricants, electric-vehicle charging and parts of the sprawling trading operation. She had ascended to BP’s leadership team in 2020 under then-CEO Bernard Looney, whose pivot toward low-carbon ventures and a phase-out of fossil fuels proved largely unsuccessful. Article contentArticle contentAlready, trading boss Carol Howle was promoted to deputy CEO on O’Neill’s second day in the job. BP on Tuesday reported that its oil trading performance was exceptional in the first quarter as the Iran war caused a surge in prices.Article contentMeanwhile, O’Neill has been meeting BP’s roster of senior vice presidents individually to evaluate their roles and possible changes, according to the people. Article contentThe leadership developments are an effort to accelerate BP’s turnaround, including the unwinding of low-carbon ventures that Looney’s successor Auchincloss had already set off. Auchincloss came under pressure by activist Elliott Investment Management shortly before unveiling last year that BP would refocus the business on its core oil and gas legacy. Investors including Elliott had a lukewarm reaction to the announcement. Then-chairman Helge Lund, who oversaw both the low-carbon pivot and its eventual walk-back, said soon after that he would step down.Article contentManifold, a Former construction materials executive, was hired as the new chairman and in October he vowed “urgency” on his first day in the role to turn around the London-based oil major. Two months later, Auchincloss was removed in a shock late-night announcement and replaced with O’Neill.Article contentTrending Forcing people to pay a moral tax if they leave the country won't inspire them to stay Personal Finance Posthaste: Canadian dollar is being dumped from FX reserves at a record pace. What's going on? News Carney suspends gas tax as Iran war drives up energy costs Oil & Gas Canada needs to invest $1.8 trillion over the next decade in six key sectors, says RBC News What is Anthropic's Mythos AI model and why does it have the financial world in a panic? 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