BP CEO Warns of Major Shake-Up

UK-based oil and gas giant BP's CEO, Tony Hayward, is planning a major shake up of the organisation as he delivered a warning to staff that third-quarter revenues would be 'dreadful', according to an investigation by UK newspaper The Financial Times.

Hayward told staff in Houston, USA, that he will announce a streamlining of the business next month after revealing that BP's financial performance was at its lowest since 1992-3.

Hayward has blamed BP's underperformance partly on excessive complexity and plans to reduce the number of layers from the workers up to the CEO from 11 to about seven, says The Times.

Hayward was also quoted as saying that revenues would improve in the fourth quarter and that BP's Texas City and Whiting refineries in the US should be at full capacity by the end of the year.