BP CEO Focuses on Long Game After Shares Fall on Reset Plan (1)

BP Plc Chief Executive Officer Murray Auchincloss said he slept “like a baby” after unveiling the oil major’s turnaround program, confident that he could overcome a lukewarm reception from shareholders.

BP stock fell Wednesday following the much-anticipated strategy update, but recouped those losses on Thursday. Auchincloss will measure the success of his plan “over weeks and months,” he said in an interview.

It’s vital that he win investors over, since the company has lost more than 20% of its value in the past two years, trailing peers. The poor performance has put the storied British firm in the crosshairs of ...