Dive Brief:
- BP has appointed Carol Howle as deputy CEO, effective immediately, the oil giant and convenience retailer announced on Thursday.
- BP’s strategy and sustainability team will now report directly to Howle, who becomes second in command to newly appointed CEO Meg O’Neill. Howle will continue her duties as BP’s executive vice president for supply, trading and shipping while also overseeing the company’s ongoing portfolio review and strategy development, according to the announcement.
- That portfolio review over the past year has impacted BP’s U.S. convenience retail network through team restructurings and c-store divestitures. Howle’s promotion indicates that BP intends to ramp up this part of its strategy.
Dive Insight:
O’Neill, who on April 1 became BP’s fourth CEO since 2020, faced immediate pressure to continue BP’s major cost-cutting initiatives. BP had previously outlined goals to save $2 billion in expenses by 2026, and last year, added a secondary goal of divesting $20 billion in assets by the end of 2027.
In Thursday’s announcement, O’Neill said Howle will support BP’s long-term strategy beyond its 2027 targets. She did not specify what those targets are. O’Neill added that she’s “committed to providing clear direction and consistency so our company can move forward with confidence.”
“I’m looking forward to working closely with [Howle] to deliver a simpler, stronger, more valuable bp to maximize value for our shareholders,” O’Neill said.
Howle has been with BP for a quarter century. Besides leading BP’s supply, trading and shipping division since 2020, she served as interim CEO for the few months between former leader Murray Auchincloss’ departure and O’Neill beginning her tenure. Her previous roles include chief operating officer for natural gas liquids and regional leader of global oil Europe and finance, according to her company bio. She’s also served as the head of the group chief executive’s office.
In Thursday’s announcement, Howle said BP has made progress on its strategy in recent months, “but there is always more to do.”
“Meg and I share a commitment to safe and reliable operations, disciplined capital allocation and high-quality delivery — and I look forward to supporting her as she gets started,” Howle said.
