BP shakes up management in wake of spill

chart_ws_stock_bpplc.top.png By Aaron Smith, staff writer


NEW YORK (CNNMoney.com) -- BP announced a management shake-up Wednesday in the wake of the Gulf oil spill, including the creation of a new unit to manage safety and operational risk and the departure of an executive in its exploration and production unit.

The company said the new safety and operational risk unit will have "sweeping powers to oversee and audit the company's operations around the world."

The unit will be led by Mark Bly, who was already head of BP's safety and operational integrity division and ran the company's internal investigation into the Deepwater Horizon disaster.

Bly will report directly to Bob Dudley, the American-born successor to the beleaguered Tony Hayward as BP's chief executive. Dudley officially takes over on Friday.

BP also said that Andy Inglis will no longer run the oil company's upstream division, which focuses on exploration and production. Inglis will step down as the main board director on Oct. 31 and will leave BP at the end of the year.

The upstream unit will be restructured into three units, led by vice presidents: Michael Daly in charge of exploration, Bernard Looney in charge of development and Bob Fryar in charge of production. They will work with Andy Hopwood, who is becoming executive vice president in charge of strategy and integration, and will report directly to Dudley.

The shake-up is part of the British oil giant's effort to reorganize after the Deepwater Horizon rig exploded and sank off Louisiana on April 20, killing 11 workers and fouling the coastline in nearby states.

The company would not reveal the fate of Doug Suttles, chief operating officer for exploration.

"His position will be subject to a different announcement," said BP spokesman Robert Wine. "I would be surprised if it happened today."

BP's (BP) stock rose more than 1% after the opening bell. To top of page

Frontline troops push for solar energy
The U.S. Marines are testing renewable energy technologies like solar to reduce costs and casualties associated with fossil fuels. Play
25 Best Places to find rich singles
Looking for Mr. or Ms. Moneybags? Hunt down the perfect mate in these wealthy cities, which are brimming with unattached professionals. More
Fun festivals: Twins to mustard to pirates!
You'll see double in Twinsburg, Ohio, and Ketchup lovers should beware in Middleton, WI. Here's some of the best and strangest town festivals. Play
Index Last Change % Change
Dow 17,265.99 109.14 0.64%
Nasdaq 4,593.43 31.24 0.68%
S&P 500 2,011.36 9.79 0.49%
Treasuries 2.63 0.03 1.12%
Data as of 4:42pm ET
Company Price Change % Change
Bank of America Corp... 17.04 0.27 1.61%
Yahoo! Inc 42.08 -0.50 -1.19%
Apple Inc 101.79 0.21 0.21%
Microsoft Corp 46.68 0.16 0.34%
General Electric Co 26.21 0.16 0.61%
Data as of 4:04pm ET

Sections

Oracle founder Larry Ellison will become chairman of the board after stepping down as its chief executive. More

The Federal Reserve is probably not going to raise interest rates until the summer of 2015 at the earliest. More

Oracle founder Larry Ellison will become chairman of the board after stepping down as its chief executive. More

Immigrant entrepreneurs leverage connections abroad to boost international exports -- and non-immigrants could stand to learn from their tactics. More

Occupy Wall Street offshoot Strike Debt says it has abolished nearly $4 million in private student loan debt for students who attended Everest College, part of Corinthian Colleges. More

Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.