Following a strategic review, Petronas is making approximately 1,000 positions redundant and is reorganizing its leadership team, according to Reuters. Mohd Anuar Taib is the new executive vice president and CEO for the company’s upstream division, replacing Wee Yiaw Hin.
The company’s 2014 annual report stated the Petronas has approximately 51,000 employees. Petronas will try to redeploy employees affected by the identified redundancies. Leadership changes have been determined, and will be effective April 1. Some executives whose contracts have come to an end will be leaving the company.
Petronas also plans to cut spending by 50 billion ringgit ($12 billion) over the next four years.