BP Boss Announces Job Cuts

BP boss Tony Hayward has announced plans to cut jobs and slash costs in an attempt to boost recent poor performances.

The plans include integrating BP's Gas, Power and Renewables division into its Exploration and Production sector.

While Mr. Hayward did not announce the number of jobs at stake, one source has told UK newspaper The Times that around a third of BP's 500 senior managers could face the axe.

Last month Tony Hayward pledged to reverse the fortunes of the business over the next two or three years after blaming BP's underperformance partly on excessive complexity within the organisation.

Over the past couple of years BP's fortunes have been hit by a series of accidents, most significantly the Texas City refinery blast two years ago which killed 15 people.

The company also announced it will sell more than 700 US convenience stores as part of the streamlining programme.

The sales will see all company-owned-and-operated convenience stores going to franchise holders and the rest to dealers and large distributors.

BP did not say how much it expects to raise from the sales.

By staff writer