Energy company BP announced Thursday the appointment of Carol Howle to the position of deputy chief executive, placing her in charge of the firm’s comprehensive strategic review and portfolio assessment.
The promotion comes as Howle transitions from her role as interim chief executive, which she held until Meg O’Neill assumed the company’s top position on Wednesday. Along with her new deputy CEO duties, Howle will resume her previous responsibilities leading BP’s supply, trading and shipping operations.
The British energy giant is implementing a significant strategic transformation after returning its focus to oil and gas operations last year, abandoning a previous unsuccessful venture into renewable energy investments.
As part of this restructuring, BP has eliminated billions in funding for planned renewable projects and committed to selling $20 billion worth of assets before 2027 while working to decrease both debt obligations and operational expenses. The company’s net debt dropped from $26 billion to $22 billion during the final quarter of last year, with BP maintaining its goal of reaching between $14 billion and $18 billion by the end of 2027.
Company Chairman Albert Manifold, who assumed his position in October following Murray Auchincloss’s unexpected departure as CEO in December, has indicated that BP possesses certain assets that could hold greater worth for other organizations.
According to O’Neill’s statement, Howle will guide the development of long-range strategic planning extending beyond BP’s 2027 objectives. The company’s strategy and sustainability division will report directly to Howle, who brings 25 years of experience within BP to her new role.
O’Neill represents a historic appointment as BP’s first externally recruited CEO in more than 100 years and marks the first time a woman has led one of the world’s five largest oil companies.
This deputy CEO position is not unprecedented for BP, as Lamar McKay previously held the same role beginning in 2016 during Bob Dudley’s tenure as chief executive.
