Last checked at 18 Apr 2024 08:11
BP cuts size of executive team, shakes up structure
(Sharecast News) - BP has trimmed its executive team as part of a shake-up of its organisational structure, it was confirmed on Thursday.
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Share Price Information for BP (BP.)
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Share Price:
486.20
Bid:
486.25
Ask:
486.35
Change:
-10.75 (-2.16%)
Spread:
0.10 (0.021%)
Open:
491.70
High:
492.10
Low:
485.75
Prev. Close:
496.95
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Don't have an account? Click here to register.BP boss predicts divi early 2011
Fri, 01st Oct 2010 08:04
BP may resume dividend payments early next year, according to new chief executive Bob Dudley.The American, who takes over from gaff-prone Tony Hayward today, said company bosses would be getting together soon to talk about plans for payouts, stopped earlier this year to save money following the Gulf of Mexico oil spill."The board will get together and talk before the end of the year about restoring a dividend in some form in the first quarter," the 54-year-old told reporters. Shareholders, including many British pension funds, will welcome the news. BP was the biggest dividend payer last year, responsible for about £7bn, or 15% of all UK dividends.BP came under intense pressure to halt the dividend as the true cost of the Deepwater Horizon disaster that killed 11 workers became clear.It has already set up a $20bn (£13bn) fund to pay claimants and spent billions cleaning up the oil. A programme of asset sales has brought in around $10bn, although the total sale proceeds could reach $25bn.Earlier this week, Dudley spelt out plans to overhaul the oil giant's global operations with an emphasis on safety. A new safety division with "sweeping powers to oversee and audit the company's operations around the world" will be run by Mark Bly, current head of safety and operations. But there's no place in the new set-up for Andy Inglis, a BP man for 30 years. He headed the exploration and production business during the Macondo well disaster."This is a deeply challenging time for BP," oil industry veteran Dudley said. "These are the first and most urgent steps in a programme I am putting in place to rebuild trust in BP - the trust of our customers, of governments, of our employees and of the world at large. That trust is vital to the restoration of shareholder value which has been so adversely affected by recent events."
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