Malaysian oil and gas giant Petronas announced a new leaner management team following a strategic review of its business which also resulted in the decision to cut 1,000 people from its workforce.
Datuk Wan Zulkiflee Wan Ariffin, president and CEO of Petronas, unveiled the leadership structure which sees appointments from within the organisation and the departure of some leaders whose contracts have come to an end.
Petronas said the new structure provides a flatter, leaner and more efficient business operating model.
Not quite as grand an unveiling was the news that the restructuring will result in redundancies of close to 1,000 positions over the coming six months. The company said that exhaustive efforts are on-going to re-deploy affected employees.
In January it was revealed that staff faced a four day working week and pay cuts of up to 30% as the company looks to implement its plans to cut up to RM50bn ($11.3bn) in expenditure over the next four years.