BP Shakeup to Slash Costs, Jobs
In the face of delays and safety failures, the oil giant's new CEO comes out swinging with plans to reduce overhead and reorganize
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Tony Hayward, BP's new chief executive, has vowed to cut jobs and slash bureaucracy at the oil giant in a radical shake-up that will further tarnish the reputation of his predecessor Lord Browne.
Mr Hayward issued a blunt message to BP's 100,000-strong worldwide workforce yesterday, warning that the company's performance had "materially lagged our peer group in the past three years". He said while some of the underperformance could be blamed on refining and production problems, a significant chunk of the shortfall was a result of "our unacceptably high overhead costs".