BP’s New Chair Vows ‘Urgency’ in Cost Cutting, Asset Sales

BP Plc’s new chairman said the company must act with “urgency” to cut costs, sell assets and improve profitability.

“Our strategic direction is right, but we need to move faster to accelerate execution,” Albert Manifold said in an internal message to employees on Wednesday, his first day in the role. “We need to redouble our efforts to ensure we are as competitive as we can be with regard to costs and efficiency.”