BP chief says it will ‘fundamentally reset’ amid threat of activist investor
by Jillian Ambrose from World news | The Guardian on (#6V6TG)
Murray Auchincloss defends fall in annual profits to $8.9bn last year from almost $14bn in 2023
The chief executive of BP has promised to fundamentally reset" the oil company's strategy to defend it against the threat of a radical overhaul by an activist investor.
BP reported a sharp slump in annual profits to $8.9bn (7.9bn), from $14bn the year before, just days after it emerged that the activist hedge fund Elliott Investment Management has taken aim at the oil major by building a stake in the company.
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