Why BP Cut Senior Management In Half?

BP p.l.c. is one of the engaged in the global energy business with operations in Europe, North and South America, Australasia, Asia, and Africa. The BP stock at https://www.webull.com/quote/nyse-bp company is providing customers with fuel for transport, energy for heat and light, power for industry, and the petrochemicals products. These are used to make everyday items such as paints, clothes, and packaging. The BP company’s segments are including Upstream, Downstream, Rosneft, and Other businesses and corporate. The Upstream segment is one of the responsibilities for its activities in oil and natural gas exploration, field development, and production. The Downstream segment is global marketing and manufacturing operations that are including the fuels, lubricants, and petrochemicals business of the Company. This is owning and operating approximately 13 refineries in Russia that are holding stakes in three refineries in Germany, one in India and one in Belarus.

Senior Management In Half

  • The BP stock will be cutting leadership positions by more than half to ~120 from 250, Reuters reports. It is citing emails from CEO Bernard Looney to staff.
  • Looney named more than 100 Tier 2 managers are forming leadership teams of the 11 divisions created in February to reinvent the company and move away from the traditional structure. It is upstream and downstream units, according to the report.
  • These changes are many cases a whole management layer that is being stripped out for example. Starlee Sykes is the remaining head of the production for the Gulf of Mexico and Canada. It is now having two steps removed from Looney instead of three.
  • BP stock will be proving specifics on the job cuts in June, although it is reductions to the company’s 70K employees will be frozen for three months, according to the emails.
  • BP company has cutting Senior Management Positions To 120 From 250.
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