BP management cull

BP IS more than halving the size of its senior management team as the 111year-old oil company prepares for the shift to low-carbon energy.

Leadership roles will drop to about 120 from 250. Chief executive Bernard Looney is creating 11 departments to ‘reinvent’ BP and dismantle a structure dominated by oil and gas production division, and a refining, marketing and trading division.

The oil price fall has forced firms to cut costs. In an email to staff, Looney named more than 100 managers to lead the divisions. ‘We expect the reinvented BP to be smaller and nimbler,’ he said.