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UPDATE 2-BP names Dotzenrath to lead renewables growth after Sanyal departure

Tue, 14th Sep 2021 07:44

* Anja-Isabel Dotzenrath previously headed RWE Renewables

* Sanyal to become CEO of European refiner Varo Energy

* Departure comes 14 months after Sanyal's appointment
(Recasts, updates with Sanyal's move to CEO, background)

By Ron Bousso

LONDON, Sept 14 (Reuters) - BP named Anja-Isabel
Dotzenrath, a former chief executive of RWE Renewables, to
oversee the British company's rapid expansion into renewable
energy following the unexpected departure of BP's head of low
carbon and natural gas Dev Sanyal.

Dotzenrath's appointment comes at a time when BP, under the
leadership of CEO Bernard Looney, seeks to rapidly grow its
renewables business and shift away from oil.

Dotzenrath is an electrical engineer with more than 25 years
of senior experience in energy. She helped RWE Renewables
develop into one of the world's largest renewable power
companies and the second largest offshore wind player globally.

Sanyal, who joined BP 32 years ago, will now become the
chief executive of European refiner Varo Energy, owned by
Carlyle Group and Vitol, where he will expand the focus
on low carbon energy, the company said in a separate statement.

"By choosing an executive vice president to lead the gas &
low carbon energy business with a renewable energy track record
and no oil & gas experience, BP confirms its ambitions in
renewable energy while showing that it sees a smaller role in
the natural gas part of the business going forward," Jefferies
analyst Giacomo Romeo said in a note.

Sanyal's departure comes 19 months after Bernard Looney took
over as BP CEO with an ambitious strategy to turn the oil and
gas company into a major renewables and power company.

Sanyal was among three executives shortlisted to succeed
former CEO Bob Dudley along with Looney and former chief
financial officer Brian Gilvary, company sources previously told
Reuters.

In July 2020, Sanyal was appointed as head of natural gas
and low carbon as part of a major company overhaul. He will hand
over his responsibilities in the fourth quarter of 2021, BP
said.

The British and Indian national oversaw major investments in
recent months, including in U.S. and British offshore wind
projects.

He had previously headed BP's alternative energy business
where he oversaw BP's acquisition of a 43% stake in Lightsource
BP, a major solar company.

(Reporting by Ron Bousso; Editing by Jason Neely and Edmund
Blair)

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(Alliance News) - BP PLC is set to book a USD700 million windfall due to UK tax changes aimed at boosting corporate pension fund investment in the economy, the Financial Times reported on Saturday.

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LONDON MARKET MIDDAY: European markets quiet heading into afternoon

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6 Feb 2024 17:39

London close: Stocks manage gains as oil prices rise

(Sharecast News) - London's financial markets finished with a positive performance on Tuesday, driven by encouraging data from the UK construction sector and BP's share buyback expansion.

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6 Feb 2024 17:04

LONDON MARKET CLOSE: BP and Prudential help snap FTSE losing streak

(Alliance News) - Stock prices in London pushed higher on Tuesday, with the FTSE 100 registering its first rise in four trading days, with oil major BP the star performer.

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LONDON MARKET MIDDAY: BP tops FTSE 100 index on buyback promise

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TOP NEWS: BP promises buybacks and hikes dividend despite profit fall

(Alliance News) - BP PLC on Tuesday reaffirmed it is sticking to its commitment to share buybacks despite reporting a profit decline amid a fall in oil prices.

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6 Feb 2024 08:53

LONDON MARKET OPEN: BP jumps after unveiling share buyback

(Alliance News) - The FTSE 100 in London opened higher on Tuesday, with oil major BP at the top of the index, thanks to its new share buyback programme.

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6 Feb 2024 07:47

LONDON BRIEFING: BP promises buyback despite drop in profit

(Alliance News) - Stocks in London are called to open higher, ahead of a slew of construction purchasing managers' index readings from the eurozone, the UK and Germany.

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BP unveils $1.75bn buyback as 2023 profits halve on weaker oil price

(Sharecast News) - Shares in BP surged on Tuesday as the energy giant announced a $1.75bn share buyback despite a slump in annual profits as oil prices fell during 2023 from the spike caused by Russia's invasion of Ukraine.

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2 Feb 2024 17:12

LONDON MARKET CLOSE: Stocks mixed as US jobs data dashes rate cut hope

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2 Feb 2024 13:14

BP appoints Kate Thomson as its permanent finance chief

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TOP NEWS: BP promotes Kate Thomson as permanent finance chief

(Alliance News) - BP PLC on Friday named Kate Thomson as its permanent chief financial officer, after being in the interim role since September.

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(Alliance News) - Stock prices in London opened higher on Friday, closing of a busy week of monetary policy decisions.

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