By Adam Whittaker

BP said its head of strategy will leave the business as it continues to simplify its structure under its reset strategy.

The British oil major said Tuesday that Giulia Chierchia will step down from her role on June 1 and will not be replaced.

Her departure comes after February's strategic reset, which saw the energy giant slash green spending and pivot back to oil amid investor pressure, and after Chairman Helge Lund said earlier this month that he would step down. Lund is expected to leave the company next year.

Activist investor Elliott Investment Management recently bought a 5% stake in BP and is known for pressuring companies to fire executives, as well as break apart and spin off businesses.

Chierchia joined BP as head of strategy in April 2020 and leads the company's strategy and sustainability agenda, according to BP. She also oversees its venture investments business that supports BP's transition and net zero ambition, it added.

Employees within her team will be integrated into other functions across the business, speeding up decision making process and delivering clearer accountabilities, BP said.

BP made the announcement alongside its first-quarter results, which missed expectations and contained a cut to share buybacks.

It also lowered guidance for its full-year capital expenditure by $500 million to $14.5 billion, and said it expects divestments in 2025 between $3 billion to $4 billion compared with previous guidance of $3 billion.

Write to Adam Whittaker at adam.whittaker@wsj.com

(END) Dow Jones Newswires

April 29, 2025 05:14 ET (09:14 GMT)

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