Tony Hayward, CEO of BP, is warning employees of an impending management “shake-up” in an attempt to refocus the company following a “dreadful” third quarter and a deeper reappraisal of the business after the exit of his predecessor, according to United Guardian.

Hayward revealed new plans to slash management layers from 11 to seven, redeploying some staff and removing others to rejuvenate the company that he feels has become too cautious—despite the fatal Texas City refinery fire and other major accidents in the US.

In a staff meeting of U.S. workers in Houston, Hayward shared that the company’s share price performance was now at its lowest point since 1992. He added that delays bringing on stream high-profile field start-ups in the Gulf of Mexico, such as Thunder Horse and Atlantis, plus refinery difficulties at Whiting and Texas City, meant third-quarter revenues would be heavily reduced, according to the newspaper.

“Hayward is a straight talker and he did say the operational performance of the company had been dreadful. He also made clear that there is a restructuring in the works, which he hopes to [publicly] announce next month and which is not finalized yet,” a BP spokesperson said.