BP plans slimmer board as part of reset strategy
Former Shell CFO Simon Henry to exit board
Updates with more details in paragraph 3-5, adds BP AGM notice
By Stephanie Kelly
LONDON, March 6 (Reuters) - BP BP.L Chairman Albert Manifold on Friday announced plans for a slimmer board as part of the British oil company's reset strategy, with former Shell chief financial officer Simon Henry among those departing.
The leaner board is one of Manifold's changes since arriving as chairman in October and urging a faster shift at BP back to oil and gas investments.
In December, Murray Auchincloss abruptly departed as CEO, with Woodside Energy's Meg O'Neill set to take over the job in April.
The other directors stepping down from the board are Melody Meyer and Karen Richardson, Manifold said. Henry was appointed to the board in September, while Richardson and Meyer joined in 2021 and 2017, respectively.
After the changes, the board will consist of 10 directors, down from 13. Manifold said the majority will have been appointed in the last five years.
"We believe that a leaner board is a more agile board, and that this is essential at this point in the execution of BP’s reset strategy," Manifold said. "It will allow for faster decision-making and sharper oversight, both of which are critical to driving long-term shareholder value."
BP's profits for last year were 16% lower than the previous year's at $7.5 billion. The British oil company announced in February it had suspended its share buybacks to focus on shrinking its debt.
The company embarked on a major strategy shift last year, cutting billions in planned renewable energy initiatives and shifting its focus back to traditional oil and gas.
This followed a foray into renewables by Auchincloss' predecessor, Bernard Looney.
Woodside's O'Neill is BP's first external hire for the post in more than a century. She will receive a base salary of 1.6 million pounds, according to the company's annual report on Friday.
Outgoing CEO Auchincloss earned 5.3 million pounds ($7.07 million) last year, down from 5.4 million pounds in 2024, the annual report showed.
BP's Annual General Meeting will take place April 23.
Shares in BP rose 10% last year, while shares in rivals Exxon Mobil XOM.N and Shell SHEL.L increased by 12% and 11%, respectively.
($1 = 0.7499 pounds)
(Reporting by Stephanie Kelly;Editing by Elaine Hardcastle, Tomasz Janowski and Jane Merriman)
((Stephanie.Kelly@tr.com))
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