BP will part ways with its head of strategy and sustainability as the oil giant abandons its mission to reduce its oil and gas output, a company spokesperson confirmed on Thursday.
In a statement, BP’s spokesperson said that Giulia Chierchia, executive vice president of strategy, sustainability and ventures, will leave the company on June 1 to pursue other opportunities.
Chierchia’s departure and BP’s termination of her position follow the oil giant’s February announcement that it’s ditching its goal to reduce its carbon footprint to net zero by 2050. Instead, the company is refocusing its strategy around its upstream and downstream oil and gas business. That reset has also included steep cost cutting initiatives, including reducing its global workforce by 5%.
BP will not fill Chierchia’s position, the spokesperson said, and appears to be getting rid of its strategy, sustainability and ventures department entirely.
“As part of our continued drive to simplify our structure, the teams within the SS&V function will be integrated into other functions that will provide clear synergies, enabling quicker decision-making and clearer accountabilities,” BP’s spokesperson said.
Chierchia joined BP in her current position in April 2020. She has spearheaded the company’s strategy and sustainability agenda, as well as overseen its venturing investments business, which supported BP’s net zero mission.
Prior to BP, Chierchia was a senior partner for management consultancy McKinsey, where she led the global downstream oil and gas practice and was a member of its chemicals and electricity, power and natural gas practices.
During BP’s earnings call last week, CEO Murray Auchincloss told investors that the company will “continue to have a head of strategy” despite Chierchia’s resignation. The role will be “much more tightly integrated into planning and actuals,” and this individual will report to CFO Kate Thompson, Auchincloss said.
“That role continues to be very important,” Auchincloss told investors.
