By Damian Reece, Head of Business
Last Updated: 3:07am GMT 06/02/2008
When BP was suffering its darkest hours in 2006 and 2007, there were people, me included, who argued the oil giant’s problems were deep-seated enough to warrant a new chief executive coming in from outside the company to change it.
Instead, an insider was appointed in the shape of Tony Hayward. He had to address severe operational difficulties, including a culture that had left a hollowed-out shell (excuse the pun) where safety fatally collapsed, and a boardroom at war. Further, he also needed to persuade shareholders he was his own man and that the baggage of the Lord Browne years would be left outside the chief executive’s suite. Hayward is still an unknown quantity to most people outside the higher echelons of the industry. But yesterday’s results announcement gave us more distant observers some valuable clues. Hayward is certainly dynamic, adopting shareholder-friendly practices from the start, be it a material 5,000 job cuts to save money and a 31pc dividend hike. He’s restructuring BP’s US service station business while promising production growth. And he’s still discovering more oil than BP is pumping, unlike rivals. read more
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