1st Feb 2016 18:09
LONDON (Alliance News) - BP PLC Monday said it has promoted its current Chief Executive of its upstream division, Lamar McKay, to become the company's new deputy group chief executive as BP announced a shuffle of its senior management team.
McKay has been with the company for 35 years and will be based in London, taking up the new deputy chief executive role following a handover period, the company said.
McKay's responsibilities will include strategy and long-term planning, safety and operational risk, technology, and corporate governance ? including ethics and compliance. BP America will also continue to report to him, the company said.
Importantly, BP said McKay will also assume "some duties" currently held by Chief Executive Bob Dudley.
Current Chief Operating Officer of BP's production, Bernard Looney, will takeover from McKay at the company's upstream segment.
The oil and gas company said the changes will follow the decision made by Katrina Landis, BP's executive vice president of corporate business activities, to leave the company after 24 years from the start of May. Landis will not be replaced on the executive team and her current responsibilities will be assigned to other members of the team.
"These changes simplify, focus and better align accountabilities within our experienced and versatile senior team. In particular Lamar?s new role will allow us to further concentrate our attention on BP's highest priorities through this challenging time for our whole industry," said Chief Executive Bob Dudley.
BP will release its full year and fourth quarter results for 2015 on Tuesday morning, when analysts are expecting the company to report a steep drop in earnings due to the fall in oil prices.
BP shares closed down 3.2% to 364.25 pence per share on Monday.
By Joshua Warner; [email protected]; @JoshAlliance
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