The oil company BP has appointed its former chief financial officer, Murray Auchincloss, as its new chief executive after the shock departure of Bernard Looney last year.

BP said Auchincloss, who has acted as interim chief executive since September, would take up the permanent role with immediate effect. He succeeds Looney, who stepped down after failing to disclose to the board personal relationships with colleagues.

The appointment brings to an end a “robust and competitive search process” that many believed would lead to the oil supermajor’s first external chief executive hire in its history.

Auchincloss, a 53-year-old Canadian national, joined BP when it took over the oil company Amoco in 1998 and has been on the board since he became chief financial officer four years ago. In his new role he will take home an annual salary of £1.45m before pension and bonus opportunities.

Auchincloss, a 53-year-old Canadian national, joined BP when it took over the oil company Amoco in 1998 and has been on the board since he became chief financial officer four years ago. In his new role he will take home an annual salary of £1.45m before pension and bonus opportunities.

Helge Lund, the BP chair, said: “Since September, BP’s board has undertaken a thorough and highly competitive process to identify BP’s next CEO, considering a number of high-calibre candidates in detail. The board is in complete agreement that Murray was the outstanding candidate and is the right leader for BP.

“Many already know Murray well, and few know BP better than he does. His assured leadership, focus on performance and delivery, and deep understanding of the opportunities and challenges in the energy transition will serve BP well as we continue our disciplined transformation to an integrated energy company.”

Auchincloss said: “Our strategy – from international oil company to integrated energy company, or IOC to IEC – does not change. I’m convinced about the significant value we can create.

“Now, more than ever, our focus must remain on delivery – operating safely and efficiently, executing with discipline, and always focusing on returns. This is how we will deliver real benefits for our customers and other stakeholders and continue to grow long-term value for BP’s shareholders.”

Looney became the third of BP’s last four bosses to leave the role abruptly when he announced his decision to step down with immediate effect last September.

BP said Looney had admitted that he had not been “fully transparent in his previous disclosures” about personal relationships with colleagues, and “accepts he was obligated to make more complete disclosure”.

Extracted in full from:  https://www.theguardian.com/business/2024/jan/17/bp-murray-auchincloss-chief-executive-bernard-looney

SHARE THIS ARTICLE: