BP announced on Thursday that Anja-Isabel Dotzenrath, the head of natural gas and low carbon energy, will be stepping down after serving just over two years in the role. This development coincides with CEO Murray Auchincloss’ plans to simplify the company’s management structure.
Dotzenrath, who joined BP in March 2022 from RWE Renewables to spearhead its rapid expansion in renewables and low-carbon energy, conveyed in an internal message to staff that she made the decision to leave in order to prioritize spending more time with her family. Her departure is scheduled for the third quarter, and she will be succeeded by BP veteran William Lin, whose current regions, corporates, and solutions division will be integrated into other areas.
In addition to Dotzenrath’s departure, BP’s head of innovation and technology, Leigh-Ann Russell, is also leaving to pursue an external job opportunity. Emeka Emembolu, Auchincloss’ current chief of staff, will take over Russell’s position.
The company revealed that it intends to reduce the size of its executive leadership team from 12 members to 10, with the twelfth role, along with Lin’s, yet to be specified.
Following these announcements, BP’s shares experienced a decline of more than 1.5% by 1045 GMT.
Auchincloss, who assumed the role of CEO in January following Bernard Looney’s sudden departure last year, aims to enhance BP’s performance amid investor skepticism surrounding its energy transition. He emphasized that BP’s strategy remains unchanged and stressed the need to operate as a simpler, more focused, and higher value company, with the recent changes intended to facilitate this objective.
Analyst Biraj Borkhataria from RBC Capital Markets suggested that BP could follow in the footsteps of rival Shell by outlining the cost savings resulting from the organizational restructuring for investors in upcoming results. He highlighted the inherent complexity of super-majors’ businesses, further compounded by the uncertainties of the energy transition and the surge in low carbon deal-making in recent years.
Meanwhile, Jefferies analyst Giacomo Romeo indicated the potential for further adjustments to BP’s low carbon business strategy as the company seeks a more pragmatic approach to the energy transition.