About time too!
According to Reuters, HL may get the boot. Their point is that HL and his former employer McKinsey allowed BL to go ahead with his green strategy, and the share price has never recovered. A pity BL ultimately walked away from a mess, and landed on his feet.
Agility is just another one of those buzzwords the likes of McKinsey sold to the LT. In my years with bp, all I ever saw was an escalating level of complexity. The levels of management grew at a dizzying pace. Just when you think you have in mind the organization, you're told there are other "managers" that have been named. I wouldn't otherwise care because all I wanted to do was my job, but we were all required to be trained in some "new" system. I became so weary of change of leadership because it meant that we'll have to suffer through more incessant training and tolerate their talks about increasing efficiency and "relentlessly drive down costs." Add a few words in there to wedge in the emphasis on safety and there you have it - a "new" message from our vaulted "leadership team."
Agility was meant to to simplify work, and it hilariously backfired
No matter what leaders say about Agility it was and is a complete sh-tshow adding tonnes of complexity across the organisation with complete lack of transparency on accountability. Most of Agility team had been disbanded which tells you all you need to know... another expensive mistake.
https://www.mckinsey.com/industries/oil-and-gas/our-insights/bp-an-agility-pioneer-in-the-energy-industry
@c0+1jm2jhaa8 The obvious person to get ditched first from the LT would be GC considering she's meant to be head of strategy (LOL). She couldn't walk and chew gum at the same time!! Like HL, she's ex McKinsey.
@c1+1jm2jhaa8 Has no idea what they are talking about. No clue about our business, and seemingly an xom employee. Pretty sure xom sold all (or most) of their gas stations in 08, therefore our employe count looks way more inflated due to owning and operating nearly 20k gas stations worldwide. Remove those employees from the count and we have a higher boe/person ratio.
Please add KD to the list to be sent home. She is an epitome of bungling.
BP has 88 k employees compared to EM at 60k but they have half the production and half the refining capacity and no chemicals. Grew employment over 20k from 67k to 88k. Nearly 40k employees must lose their jobs. CVX has only 48 k and plans to cut 9k. BP has massive restructuring.
PS that will hurt EM salaries because a lot of Geo and Engineers will be on the market, along with continued pressure to send jobs to India and cut HC 10 emplyment. Restructurng wave in oil and gas is coming quickly and will hit EM soon. Reminds me of 1997 to 2004, when bP/Arco/Amoco, EM/Mobil, Total/Fina/Elf and CVX/Gulf/Texaco all consolidated. Jump ball for EOG/EXE/DVN/Suncor
There should be consequences for bad strategy. HL, MA must go along with 1/3 of BOD. Elliott must get 3 new directors, new Chair and new CEO. All are complicit in downfall of BP
Boot KD too. She has botched this whole layoff process.
When was the last time anyone saw him? In the Aftermath of looney's philandering? Kerry doesnt put in many appearances either does she.
@ad+1jm2jhaa8 The thing about HL is that he is at an age where he could just retire because he must be worth a fortune. Or, someone in Norway will take him on in a consultancy capacity. These people never end up taking responsibility for the mess they cause.
HL should have been booted out years ago. All these institutional investors including the Norwegian sovereign wealth fund who voted him back is also part of the problem. It takes someone like Elliot to drive change.
Replace MA too!
https://www.reuters.com/breakingviews/bps-overhaul-can-start-with-new-chair-2025-02-14/