BP’s New CEO Moves to Reshape Company, Overhaul Leadership (1)

BP Plc’s new Chief Executive Officer Meg O’Neill is restructuring the company and consolidating its leadership, moving quickly to fulfill her remit of turning around the beleaguered energy giant after years of underperformance.

In O’Neill’s first internal all-staff call, she told employees on Tuesday the company is moving to a traditional upstream-downstream model, according to employees on the call. She did not say who would be leading the two divisions — one focused on exploration and production, and another on refining.

O’Neill took over on April 1, with a mission to make the company leaner, focus on oil and ...