BP has appointed former CFO and interim CEO Murray Auchincloss as its new CEO following the shock departure of Bernard Looney last year.
BP said that Auchincloss, who has been interim CEO since September 2023, will take the role with immediate effect and will continue as a member of the BP board.
Helge Lund, Chair of BP, said that since September, BP’s board has undertaken a thorough and highly competitive process to identify the company’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.
“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, 53, joined Amoco Canada in 1992. Following financial and planning roles in Canada and the US, his career included periods as commercial director for BP’s Onshore North America business and CFO for BP’s North Sea business.
“It’s an honour to lead BP – this is a great company with great people. 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,” said Auchincloss.
Auchincloss will receive an annual salary of £1.45 million (AUD $2.8 million), with provisions relating to bonus opportunity, bonus deferral and performance shares in accordance with BP’s 2023 remuneration policy as approved by shareholders.