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Tony Hayward also did the same for BP. He retrenched 7,500 jobs and saved $4 billion. The CEO was aiming to further reduce the costs by $3 billion, but his cost cutting technique could not compromise with the safety measures of the company as a result of which series of accidents occurred which created obstacles for BP. One of the problems was in the Prudhoe Bay where there were leakages in the pipes resulting in oil spill in Alaska. In May 2007, partial closure of the pipelines was announced by BP. The Texas City, chemical leak was another case in 2010 which was affecting the goodwill of the company with a fatal explosion. Taking into consideration all these situations, Tony Hayward focused his business policies to avoid any further accidents which were lowering the share price of BP. But despite his efforts, the Deepwater Horizon oil spill occurred on April 2010 was one of the biggest issues to ever hit BP. The CEO who already had trouble overcoming the above situation was now faced with a greatly enormous matter. After the disaster BP had to take safety measures for controlling the effects of disaster because of the continuous pressure from external factors. The cost cutting technique increased the cost of company which amounted to $20 billion. Finally Tony Hayward decided to step back as CEO of BP (The Telegraph, “BP Oil Spill: The Rise and Fall of Tony Hayward”).
Public relation is one of the main variables for the successful operations of the company. Considering the case of Steve Jobs, CEO of Apple Inc, he has adopted the policy of Greener Apple mission for reducing the impact of carbon dioxide on environment. Beside this, Apple is also reducing the use of toxic chemicals for the manufacturing of its products. This step taken by Apple as social responsibility has helped it in maintaining better public relations. On the other hand, Tony Hayward mainly focused on cost cutting of the company which resulted in oil
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This paper represents a study to show how a reputed international firm addresses the importance of strategic implementation regarding acquisition and use of symbolic capital within the discursive environment. A detailed analysis of the strategic activities of UK based oil and gas firm BP has explored through this paper.
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2 Pages(500 words)Research Paper
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