LONDON: BP has announced a major overhaul of its organizational structure. The energy giant is set to simplify its framework to better support the strategic goals it established in February 2024, aimed at increasing the company’s value.
The restructuring will see BP maintain its three core businesses: Production & Operations, Gas & Low Carbon Energy, and Customers & Products. These will be supported by Trading & Shipping. The current Regions, Corporates & Solutions organization will be integrated into these businesses and functions. Additionally, BP will be bolstered by five key functions: Finance, Technology, Strategy, Sustainability & Ventures, People & Culture, and Legal. These changes are expected to minimize redundancy and simplify reporting lines.
As part of the restructure, BP’s Executive Leadership Team will be streamlined to ten members. However, the company’s financial reporting structure will remain the same.
William Lin, formerly at the helm of Regions, Corporates & Solutions, will now lead the Gas & Low Carbon Energy business. He takes over from Anja-Isabel Dotzenrath, who is retiring from BP and her executive career. Emeka Emembolu will assume leadership of BP’s Technology function, succeeding Leigh-Ann Russell, who is departing for an external opportunity.
Murray Auchincloss, BP’s Chief Executive Officer, expressed that the company’s transition from an International Oil Company (IOC) to an Integrated Energy Company (IEC) remains on course. “These changes will enable us to become a simpler, more focused, and higher-value company,” Auchincloss stated. He extended his congratulations to William Lin on his new role and welcomed Emeka Emembolu to the leadership team, highlighting their extensive experience and commitment to safety, value growth, and technology.
Auchincloss also took the opportunity to thank Anja-Isabel Dotzenrath and Leigh-Ann Russell for their significant contributions to BP. Dotzenrath’s efforts in building a world-class team and low carbon business platform were particularly commended, as was Russell’s vigilance in keeping BP abreast of technological opportunities and risks.
William Lin, a veteran of 28 years at BP, has held various senior management roles globally and is recognized for his ability to manage complex relationships and lead teams effectively. Emeka Emembolu, with a 25-year tenure at BP, has a background in senior technical roles and has been instrumental in running the CEO office for the past two years.
BP’s new organizational structure is expected to enhance the company’s agility and focus, positioning it for sustained growth in the evolving energy landscape.