BP (BP) will do away with its pledge to reduce oil and gas output and announce at least one major divestment at its investor day on Wednesday as CEO Murray Auchincloss attempts to convince activist investor Elliott Management he can turn around troubled oil major, The Financial Times’ Tom Wilson reports, citing people familiar with the matter. Some members of the board think Auchincloss has moved too slowly in announcing the type of strategic changes needed to win back investor confidence, said a person familiar with the board’s thinking.
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