economy
BP's new CEO to simplify company structure into upstream, downstream units
BP will reorganize into two main business units - upstream and downstream - under new CEO Meg O'Neill, who took the helm on April 1.
TL;DR
- BP will reorganize into two primary business units: upstream and downstream.
- The reorganization is under the new CEO, Meg O'Neill, who started on April 1.
- The aim is to create a simpler, stronger, and more valuable BP.
- The current structure has three units: gas and low carbon; oil production and operations; and customers and products.
- Activist investor Elliott had previously called for a similar two-unit structure.
- This change reverses a previous overhaul in 2020 by then-CEO Bernard Looney, which pushed into renewable energy and was met with investor disapproval.