BP’s Looney halves top management roles in energy transition plan GlobeBusiness
BP's chief executive Bernard Looney is seen during a Q&A in central London, Britain on Feb. 12, 2020.BP is more than halving the size of its senior management team as part of chief executive Bernard Looney’s drive to make the 111-year-old oil company more nimble as it prepares for the shift to low-carbon energy.
The appointments marked Looney’s first 100 days in office, which have been dominated by a collapse in oil prices due to the coronavirus pandemic that has forced energy companies to rein in costs across the board. BP did not provide details about planned job cuts then and told the company’s 70,100 employees that any reductions would be frozen for three months in the wake of the pandemic.“We’ll provide more information on the redundancy freeze in June,” Looney said in his email to employees.’FOCUSED AND INTEGRATED’
“Together we will work hard to build a more modern, focused and integrated company - one that is well-positioned to meet the challenges and seize the opportunities that lie ahead,” Looney told staff.
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