BP PLC has announced a simplification of its organizational structure, aiming to reduce duplication and reporting line complexity. The company will maintain three core businesses - production & operations, gas & low carbon energy, and customers & products enabled by trading & shipping. The current regions, corporates & solutions organization will be integrated into the businesses and functions, and BP will now be supported by five functions: finance; technology; strategy, sustainability & ventures; people & culture; and legal. These changes are intended to streamline operations and enable the company to focus on delivering its priorities and growing its value.
As part of the restructuring, William Lin, who previously led regions, corporates & solutions, will now lead the gas & low carbon energy business, succeeding Anja-Isabel Dotzenrath, who is retiring from BP. Emeka Emembolu will head BP's technology function, taking over from Leigh-Ann Russell, who is leaving BP for an external opportunity. The executive leadership team will be reduced in size to ten members, and BP's financial reporting structure will remain unchanged.
Murray Auchincloss, BP's chief executive officer, emphasized the company's commitment to its strategic direction, stating, "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."
These changes reflect BP's ongoing efforts to adapt its organizational structure to support its strategic priorities and drive value creation.