Oil giant BP has revealed plans to reduce its team of top bosses amid a shake-up to simplify its structure led by new chief executive Murray Auchincloss.
The group is reducing its executive director leadership team to 10 from 11 after a move to axe the regions, corporates and solutions division – which will instead be merged within its other businesses.
William Lin – who previously headed the regions, corporates and solutions division – will become head of the gas and low carbon energy business.
He replaces Anja-Isabel Dotzenrath, who is retiring from BP and her executive career.
BP also announced that technology head Leigh-Ann Russell is leaving the firm to take an “external opportunity”.
She will be replaced by current chief of staff Emeka Emembolu, who has been with BP for 25 years.
The firm said its smaller 10-strong senior leadership team will continue to have an equal split of male and female executives.
BP will continue to have three businesses following the rejig, alongside its trading and shipping division, which will be supported by five functions.
It comes as Mr Auchincloss puts his stamp on the business following his appointment to the top job on a permanent basis in January.
Mr Auchincloss said: “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 changes also follow a jump in BP’s shares last week after reports that the state-owned, United Arab Emirates oil company was considering, but had ruled out, a bid for the London-listed energy firm.
It was reported last Thursday evening that the Abu Dhabi National Oil Company (Adnoc) had decided that ultimately BP was not the right fit and would not match its strategy, but shares in the group still leaped higher on the bid interest.
Mr Auchincloss was chief financial officer of BP for most of 2023, but took over as interim chief executive in September when his predecessor Bernard Looney stepped down.
Mr Looney was accused by the board of not being honest when discussing past romantic relationships with colleagues.
In January, Mr Auchincloss was appointed permanent chief executive of BP.