BP’s boss Lord Browne resigned recently and the company lost a valuable person. BP’s growth in the last ten yrs goes to his credit. He was able to pull off a deal with Russia to buy half of its domestic oil, something nobody has been able to do as yet and BP’s profits kept on increasing with costs decreasing. Their competitive edge was massive and now BP is one of the largest companies in the world.
But Tony Hayward will succeed Lord Browne to be the new boss at BP. BP is now considering a culture change to improve performance and improve reputation. They have tried to ensure that resources are shifted to front line with operating managers free from corporate bureaucracy and the burden of unnecessary overheads or fixed costs. The company’s structure has been changed by Tony, from now on gas, power and renewables will be part of the other two segments which means the company will have only two segments. The segments will have units and decision making will be more centralized with more standardized rules and processes (Lord Browne’s resignation, 2009).
External perspective: BP’s reputation suffered a major setback and the company needs a new beginning. With the internal environment changing hopefully the company will work towards meeting its values and objectives of mutual advantage, transparency, human rights and social impact.
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