BP has appointed Lamar McKay to the new position of Deputy Group Chief Executive. Currently chief executive of BP’s Upstream segment and a 35-year veteran of BP, he will be based in London and take up the role following a suitable handover period.
The announcement came a day before BP reports its 2015 fourth-quarter and full-year results, which are expected to show yet another sharp drop in profits as a result of the oil price slide over the past 18 months.
That has led it to slash spending three times and launch a $2.5 billion restructuring programme that will include thousands of job cuts.
McKay will be succeeded as UK Upstream / North Sea chief executive by Bernard Looney, currently chief operating officer, production, in the Upstream segment, following the recent retiral of Trevor Garlick.
In addition to assuming some duties currently borne by BP’s Group Chief Executive, 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 continue to report to him.
These appointments headline a reorganisation of BP’s executive team that includes other adjustments which will follow the retirement of Katrina Landis, executive vice president of corporate business activities, who leaves the company on May 1 following a career of 24 years with BP. She will not be replaced.
BP Group Chief Executive, Bob Dudley said: “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.