Carol Howle named as BP's deputy CEO to oversee portfolio reviews and strategy

Carol Howle was named BP's 'deputy CEO' on Thursday. She will oversee the company’s ongoing portfolio re-evaluation and strategy developments. Howle will return to her previous role as head for supply, trading, and shipping. She was interim chief executive until Meg O'Neill took over the top position on Wednesday.

BP is undergoing a major strategic shift, after pivoting to a focus 'on oil and natural gas a year back following an ill fated foray into'renewables.

It has slashed billions from renewable energy projects and pledged to sell $20?billion worth of assets by the year 2027. They have also reduced debt?and cost. Net debt?fell from $26 billion to $22 billion in the fourth-quarter of last year. BP also reiterated their target range between $14 billion and $ 18 billion by end-2027. Albert Manifold, BP's chair, who assumed the role of CEO in December after Murray Auchincloss left abruptly in October, said that BP has assets that are more valuable to other companies.

O'Neill?said that Howle 'will oversee the long-term development of strategy beyond BP’s 2027 target,' in a?statement. Howle will be responsible for BP's sustainability and strategy team. He has been with BP for?25 years.

O'Neill was the first?external hire in the oil major's history and the first woman to lead a major among the top five.

BP had a 'deputy CEO' before, Lamar McKay. He took on the role in 2016 when Bob Dudley was still CEO. (Reporting by Stephanie Kelly, Editing by Louise Heavens, Kirsten Donovan)

(source: Reuters)