BP's (BP.US) reform plan has been criticized as "too conservative," and Elliott may be pushing for a "clean sweep" of management.

Elliott Investment Management is increasing its pressure on BP, according to sources, as the activist investor believes the oil company's newly adopted strategy has fallen short of its expectations. The hedge fund believes the company's transformation plan, led by chief executive Murray Auchincloss, lacks urgency and ambition, according to the sources, who added that while the plan marks a break from BP's past strategies, Elliott believes the overhaul is not enough. If Elliott is dissatisfied with the roadmap unveiled by BP at its investor meeting on Wednesday, it could push for major changes to the company's management and board, according to an earlier report this week. Auchincloss and chairman Helge Lund, a key supporter of the company's much-criticised net-zero strategy, are especially likely to come under pressure. Elliott is one of BP's largest shareholders, with a stake of nearly 5 per cent, according to the sources. A representative for Elliott declined to comment and BP did not immediately respond to a request for comment. Auchincloss, in a much-anticipated speech on Wednesday, ditched plans to cut oil and gas production and said the company would reduce its investment in low-carbon energy. He also unveiled a plan to sell about $20bn of assets by the end of 2027 and begin a strategic review of its Castrol lubricants business, which could be worth as much as $10bn if sold. While most oil majors have maintained shareholder returns, BP has significantly cut its quarterly stock buybacks. The company's strategic shift has not been well received by investors, with the stock falling to its lowest level since February 6, the day when the first reports of Elliott's stake in the company were made public.