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BP CEO Shakes Up Structure in Push Back to Oil and Gas
Meg O’Neill said the overhaul will simplify BP’s portfolio and cut complexity as the company shifts back toward oil and gas.
- BP CEO Meg O'Neill announced an organizational overhaul effective July 1, restructuring the London-based major into two distinct divisions: upstream and downstream.
- The restructuring unwinds structural changes made by former CEO Bernard Looney in 2020, as O'Neill aims to "reduce complexity and strengthen execution" amid years of underperforming shares.
- Gordon Birrell will lead upstream operations, while Richard Harding takes the downstream role on an interim basis; Deputy CEO Carol Howle oversees trading across both segments.
- This overhaul follows the removal of non-executive chairman Albert Manifold over "governance standards, oversight and conduct," though Manifold rejected "lies" about his conduct and cited "excessive expenditure" disputes.
- On Tuesday afternoon, shares were around 2.5% lower as BP continues to refine the overhaul and recruits a permanent downstream leader.
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Refining and marketing area will be under Richard Harding's command; company fired its former board president, Albert Manifold, last month in the midst of moral harassment charges
·Brazil
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BP names heads of newly-created business segments in simplification push (BP:NYSE)
BP names Gordon Birrell as head of its upstream division and Richard Harding as interim head of downstream, as it starts to fill in its new organizational structure to simplify the company.
·United States
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Coverage Details
Total News Sources18
Leaning Left2Leaning Right4Center5Last UpdatedBias Distribution46% Center
Bias Distribution
- 46% of the sources are Center
46% Center
L 18%
C 46%
R 36%
Factuality
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