--- title: "BP, UK Oil Giant, Undergoes Major Leadership Shake-up as New CEO Announces Full Return to the \"Oil and Gas Era\"" type: "News" locale: "en" url: "https://longbridge.com/en/news/289215486.md" description: "Meg O'Neill, BP's new CEO, announced a comprehensive restructuring of the company's architecture, shifting strategic focus from low-carbon transition back to core oil and gas businesses. Effective July 1, two major segments—Upstream and Downstream—will be established, led by Gordon Birrell and Richard Harding respectively. This adjustment aims to restore clear accountability, align with industry peers, and involves no layoffs. The move reverses the low-carbon strategy of the previous CEO and is seen as a key step in rebuilding internal trust and driving strategic transformation" datetime: "2026-06-09T15:58:24.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/289215486.md) - [en](https://longbridge.com/en/news/289215486.md) - [zh-HK](https://longbridge.com/zh-HK/news/289215486.md) --- # BP, UK Oil Giant, Undergoes Major Leadership Shake-up as New CEO Announces Full Return to the "Oil and Gas Era" British oil giant BP PLC-Spons is accelerating its strategic reshaping at the fastest pace. On Tuesday, new CEO Meg O'Neill **announced a comprehensive restructuring of the company's leadership and reporting architecture, refocusing business priorities on core oil and gas sectors**, completely reversing the low-carbon transition strategy led by former CEO Bernard Looney in 2020. Under the adjustment plan, BP will establish two major operating segments effective July 1. Gordon Birrell will serve as Executive Vice President of Upstream, responsible for oil and gas exploration, development, and production; Richard Harding will temporarily serve as Executive Vice President of Downstream, overseeing refining, retail service stations, and lubricants. BP stated that this restructuring does not involve layoffs. Barclays analyst Lydia Rainforth pointed out in a research report that the new structure **“restores clearer upstream accountability and aligns with industry peers.”** She considered this change “positive, but execution and implementation remain key.” This restructuring comes after a period of turmoil for BP. Non-executive Chairman Albert Manifold was suddenly dismissed in late May, just about eight months after taking office. Upon assuming her new role, O'Neill previewed the architectural adjustment plan to employees, a move viewed by outsiders as a significant step to rebuild internal trust and drive strategic transformation. ## Architectural Restructuring: Farewell to Low-Carbon Transition, Return to Core Oil and Gas Business The core of this restructuring lies in completely 重构 ing the strategic direction established during the Looney era. In 2020, Looney pushed BP to significantly shift towards low-carbon businesses, actively reducing fossil fuel assets. O’Neill’s new architecture, however, brings BP’s operating model back onto a track similar to other international oil giants. The Upstream segment will be managed by Birrell, fully responsible for oil and gas exploration, development, and production, as well as upstream joint ventures, while also incorporating renewable natural gas and carbon capture and storage businesses. Birrell has served as BP’s top exploration and production executive under multiple CEOs, possessing extensive upstream operational experience. The Downstream segment will be handled by Harding, covering refining, terminals, pipelines, retail service stations, biofuels, aviation fuels, hydrogen, and lubricants. Harding returned from retirement in April this year upon request, and the company has currently initiated a formal recruitment process for this position. Notably, **renewable energy businesses such as solar power and offshore wind have been placed under the technical functional department led by Executive Vice President Emeka Emembolu, no longer operating as independent strategic segments, significantly marginalizing their strategic status.** ## Path to Reconstruction Under Pressure of Strategic Transformation O'Neill's core task is to complete the company revitalization plan launched last year by former CEO Murray Auchincloss. Due to BP's stock price long underperforming peers, coupled with the involvement of activist shareholder Elliott Investment Management, this restart process has been significantly accelerated. Current strategic priorities include divesting underperforming assets, repaying debt, and cutting costs. BP had already suspended its share buyback program in February this year, before O'Neill took office. In a statement released on Tuesday, BP stated that **this organizational change “is a continuation of a series of specific actions taken by BP to simplify its portfolio, reduce costs, maintain strict capital expenditure discipline, and strengthen its balance sheet, with all measures aimed at creating greater value and returns for shareholders.”** Risk Warning and Disclaimer The market carries risks; investment requires caution. This article does not constitute personal investment advice, nor does it consider the specific investment goals, financial status, or needs of individual users. Users should consider whether any opinions, views, or conclusions in this article align with their specific circumstances. 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