(Reuters) – BP named Carol Howle as deputy chief executive on Thursday and said she would oversee the company’s ongoing portfolio review and strategy development. Howle, who served as interim chief executive before Meg O’Neill started the top job on Wednesday, will also return to her former role as head of supply, trading and shipping.
BP is undergoing a major strategy shift after pivoting back to a focus on oil and gas a year ago following an ill-fated foray into renewables.
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It has cut billions of dollars from planned renewable energy projects, pledged to divest $20 billion of assets by 2027, and to reduce debt and costs. Net debt fell to $22 billion from $26 billion in the fourth quarter last year, and BP reiterated its target range of $14 billion-$18 billion by end-2027. BP’s Chair Albert Manifold, who took the role in October before Murray Auchincloss abruptly exited as CEO in December, has said BP holds assets that may be more valuable to others.
Howle will oversee long-term strategy development beyond BP’s 2027 targets, O’Neill said in a statement. BP’s strategy and sustainability team will report to Howle, who has spent 25 years with BP.
O’Neill is the major’s first external hire for the post in over a century and the first woman to lead a top-five oil major.
BP has had a deputy CEO previously, with Lamar McKay in the role starting in 2016 under then-CEO Bob Dudley.
Reporting by Stephanie Kelly, Editing by Louise Heavens, Kirsten Donovan
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