Oil giant BP to cut four layers of management in radical shake-up after bad performance in third quarter

Oil giant BP is to axe four layers of management in a radical shake-up following a “dreadful” performance in the third quarter, it emerged yesterday.

Chief executive Tony Hayward, who took over in May, reportedly warned staff the group’s latest set of figures would be damning, before announcing a complete overhaul prior to its results next month from July to September.

Hayward told staff in a meeting in Houston last week that he aims to slash the number of management layers from 11 to seven.

The remarks were made to a “town hall” meeting and summarised by a BP manager in a note circulated to colleagues under the heading “BP Confidential”, according to the Financial Times.

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The shake up will involve re-deploying staff to other sites and may involve some redundancies, it was reported.

Hayward took over from Lord Browne, who resigned after lying in court documents about where he met a former gay lover.