BP, lagging its peers, restructures

Tony Hayward outlines plan to simplify its structure, increase safety and accountability, listen more closely to front-line staff

The Associated Press

BP outlined a plan to streamline its structure, cutting the number of business units and stripping out management layers, as it acknowledged Oct. 11 that its poor financial performance and safety record had left it lagging behind its oil industry peers. The massive restructuring is the linchpin of n....