BP Finally Moves to Make Itself Investable Again
Incoming Chairman Albert Manifold and Chief Executive Murray Auchincloss will conduct a wide-ranging review of the company's entire portfolio of businesses — all of them. That should mean there will be no more sacred green cows. The aim is 'maximizing shareholder value moving forward – allocating capital effectively.' Or, in plain English, sell, restructure or shutdown whatever doesn't make enough money – and sadly, there's plenty. BP also announced a 'further cost review,' corporate jargon for cost cutting and firing employees.
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