BP announced a board restructuring that will reduce the number of directors from 13 to 10, effective after the April 23 annual general meeting. The move follows a broader reset strategy aimed at refocusing the company on core oil and gas operations.
Chairman Albert Manifold said the leaner board will enable faster decision‑making and sharper oversight. The announcement also confirmed that former Shell chief financial officer Simon Henry will leave the board, along with Melody Meyer and Karen Richardson, who were also slated to step down.
The restructuring is part of a shift away from ambitious renewable‑energy targets that had been pursued under the previous leadership. BP’s profits fell 16% in 2025 to $7.5 billion, down from $14 billion in 2023, prompting the company to reallocate capital toward higher‑returning oil and gas projects.
Management noted that the reset was driven by activist investor pressure and a desire to improve shareholder returns. CEO Murray Auchincloss, who will step down in December 2025, said the company had “gone too far, too fast” with its transition plans, and that the new focus would deliver stronger cash flow.
The board changes come amid a broader leadership transition, with Meg O’Neill set to take over as CEO in April 2026. The move signals BP’s intent to prioritize core operations and to streamline governance in support of its revised strategy.
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