Europe’s largest oil Company, Royal Dutch Shell Plc on Wednesday unveiled new management to restructure the company’s oil major operations to increase its accountability in the current economic environment, effective July 1.

It plans to cut cost, corporate overheads and avoid repeating past project delays for faster decision making and delivery, according to its new Chief Executive Peter Voser. The changes should improve Shell’s performance on delivering new projects and developing new technologies.

“The industry, and Shell, faces considerable challenges, from high costs, volatile energy prices, and competition for new projects,” Voser said. We must build on our recent momentum, improve our operating performance and increase the pace of strategy execution, to raise our competitive position.

It also said Marvin Odum, currently Shell’s Executive Vice President for EP Americas, will become Director for Upstream Americas. Malcolm Brinded, currently Shell’s Executive Director Exploration & Production, will become Executive Director of Upstream International.

Share of Shell fell $0.57 cents or 1.09% at $52.13 in the regular New York Stock Exchange trading.