BP p.l.c. (BP) has cropped its executive squad to 10 members and announced the appointment of William Lin as the new head of its oil and low-carbon energy segment.
BP Crops Its Executive Squad And Announces New Head Of Oil And Low-Carbon Energy
The British oil giant said that it is streamlining its organisational framework to increase its value.
Apart from Lin, who replaces Anja-Isabel Dotzenrath, the company also announced the appointment of Emeka Emembolu, who will be in charge of technology functions to replace Leigh-Ann Russell. CNBC reported that BP’s CEO, Murray Auchincloss, said:
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. 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.
The firm’s executive team previously consisted of 11 members, but it has trimmed the top structure to a team of 10 to limit replication and simplify lines of reporting. BP did, however, indicate that its financial reporting structure will not change and that it will still conduct business through the production and operations, gas and low-carbon energy, and customers and products segments.
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Since January 2024, BP’s share price has risen by approximately 10%. The organisation currently has a market cap of roughly $108bn. A Zacks report dated 12 April 2024 claimed that the Abu Dhabi National Oil Company (ADNOC) earmarked BP as an acquisition target but decided not to proceed with a possible takeover.
