Former Shell CFO to leave, BP Chairman Manifold trims the board

BP Chairman 'Albert Manifold' announced on Friday plans for a slimmer board, as a s part of the resetting strategy by the british oil major. Former Shell Chief Financial Officer Simon Henry was among those leaving.

Manifold has made other changes since he became chairman in October. Murray Auchincloss, who was appointed CEO in October, abruptly left the position in December. Woodside Energy's Meg O'Neill will take on that role from April.

O'Neill was BP's?first external hire... for the post in more than a century. According to BP's annual report, she will receive a base salary of 1.6million pounds. The company's annual report on Friday revealed that the departing CEO, Auchincloss, earned 5.3million pounds ($7.07million) in 2018. This is down from 5.4million pounds in 2024.

BP's 'profits' for the last year, at $7.5 billion, were 16 percent lower than those of the year before. In February, the 'British Oil Major announced that it had'suspended their?share purchase program to focus on reducing its debt. Last year, the company began a major shift in its?strategy by reducing billions of dollars?in renewable energy projects and refocusing on traditional?oil & gas.

After Bernard Looney, Auchincloss’ predecessor's ill-fated venture into renewables, the strategy shift was a logical step.

(source: Reuters)