AP’s Jane Wardell on BP CEO Tony Hayward’s tenure at the top. Profits went up, costs went down.
Hayward stripped out layers of management and costs across a stumbling and bloated business, improving its refining efficiency and putting the firm on a stronger footing to weather a global downturn. BP’s market position improved and its reputation was rehabilitated. Cost-cutting, which saw around 7,500 positions axed, led to savings of around $4 billion.
Since when do they give a bonus for a safety award?