In a reshuffle aimed at simplifying top decision making, BP has realigned its senior management team. Additionally, in a cost-cutting move as the company reports a $5.2 billion loss in 2015 (reported to be its worse annual loss in more than 20 years), BP plans to cut approximately 3,000 downstream jobs by the end of 2017, in addition to the 4,000 employees and contractors that the company has already decided to eliminate this year, according to various media outlets.
In its executive shuffle, BP has appointed Lamar McKay to the new position of deputy group chief executive. McKay, currently chief executive of BP’s Upstream segment and a 35-year veteran of BP, will be based in London and will take up the role following a suitable handover period. McKay will be succeeded as Upstream chief executive by Bernard Looney, currently chief operating officer, production, in the Upstream segment.
In addition to assuming some duties currently borne by BP’s group chief executive, McKay’s responsibilities will include strategy and long-term planning, safety and operational risk, technology, and corporate governance – including ethics and compliance. BP America will continue to report to him.
BP’s executive reorganization will also include other adjustments that will follow the retirement of Katrina Landis, executive vice president of corporate business activities, who will leave the company on May 1 following a 24-year career with BP. Landis will not be replaced on the executive team, and her current role’s responsibilities will be assigned to other members of the team.