BP BP-N said on Thursday its head of natural gas and low carbon energy Anja-Isabel Dotzenrath will step down after just over two years, while CEO Murray Auchincloss announced plans to simplify its management structure.
Dotzenrath, who joined BP in March 2022 from RWE Renewables to lead its efforts to rapidly expand in renewables and low-carbon energy, said in an internal message to staff that she had decided to leave in order to devote more time to her family.
She will depart in the third quarter and be replaced by BP veteran William Lin, whose current regions, corporates and solutions division will be folded into others.
BP’s head of innovation and technology Leigh-Ann Russell is also leaving to take up an external job opportunity. She will be replaced by Auchincloss’ current chief of staff Emeka Emembolu.
The company said in a statement it would reduce the size of its executive leadership team to 10 members from 11. The twelfth role to be removed along with Lin’s has not been specified.
BP shares were down more than 1.5 per cent by 1045 GMT.
Auchincloss, who became CEO in January after Bernard Looney’s abrupt exit last year, is seeking to improve BP’s performance amid investor doubts over its energy transition.
He said that BP’s strategy has not changed. “We need to deliver as a simpler, more focused and higher value company. These changes will help us do just that.”
RBC Capital Markets analyst Biraj Borkhataria said BP could emulate rival Shell by outlining the cost savings of this organizational restructuring for investors at upcoming results.
“The super-majors are inherently complex businesses, further complicated by the uncertainty of the energy transition, and the wave of deal-making in the low carbon space in recent years,” Borkhataria said.
Jefferies analyst Giacomo Romeo said: “We could see more changes around the strategy for low carbon businesses as the company seeks a more “pragmatic approach” to the energy transition.”