HOUSTON – BP announced a reorganization of its top managers Monday and said its upstream chief will become deputy CEO and share duties with CEO Bob Dudley as the British oil major navigates one of the worst oil downturns in decades.
The top-tier reshuffle could set up Lamar McKay, who has had a 35-year career at BP and has served as chief executive of its oil exploration and production unit since 2013, to eventually replace Dudley as BP chief executive.
Dudley, appointed in 2010 after the Deepwater Horizon disaster, was the first American CEO of BP. McKay, also an American, will help shape BP’s strategy and long-term planning among other responsibilities.
“These changes simplify, focus and better align accountabilities within our experienced and versatile senior team,” Dudley said in a written statement. “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.”
McKay’s promotion comes after the retirement of Katrina Landis, executive vice president of corporate business activities, who will exit May 1. Landis had worked at BP for 24 years. Her current duties, BP said, will be dispersed among other executives.
Bernard Looney, chief operating officer of production in the company’s upstream segment since 2013, will replace McKay. McKay, who now resides in London, was based in Houston during his four years as chairman and president of BP America.
BP shares fell $1 on Monday to $31.37 on the New York Stock Exchange, as U.S. oil prices sank 5.3 percent as speculation that Russia and Saudi Arabia will make coordinated oil-supply cuts faded.