BP has handed the role of chief executive to interim appointee Murray Auchincloss, ending months of searching and speculation.
Formerly BP’s finance chief, Mr Auchincloss stepped up to the interim CEO role in September.
It followed the sudden resignation of Bernard Looney amid the disclosure of historic relationships with colleagues.
BP said its new CEO was appointed following a “robust and competitive search process” spanning both internal and external candidates.
The energy giant has typically opted for long-serving company insiders to take on the position.
In December Reuters reported that Carol Howle, the company’s head of trading and shipping, and Emma Delaney, head of customers and products, were in the running.
A string of other internal BP candidates had previously been tipped for the role, including the group’s chairman Helge Lund, executive vice-president William Lin and the leader of the company’s gas and low-carbon business Anja-Isabel Dotzenrath.
Mr Auchincloss was viewed by some analysts as “the most logical successor”.
Mr Lund said: ”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.”
New boss to get £1.45 million salary
Mr Auchincloss will receive an annual salary of £1.45 million, alongside potential bonuses, bonus deferrals and performance shares in accordance with BP’s remuneration policy.
He said: “It’s an honour to lead BP – this is a great company with great people.
“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.”
Who is Murray Auchincloss?
The 53-year-old had been BP’s chief financial officer since July 2020, at which time he also joined the group’s board. He had previously served as CFO, deputy CFO and head of business development for its upstream business.
From 2010-2013 he was head of the chief executive’s office, working directly with the then CEO Bob Dudley.
Other jobs at BP have included financial and planning roles in Canada and the US, and stints as commercial director for BP’s onshore North America business and CFO for its North Sea arm.
He has a degree in finance from the University of Calgary and is a chartered financial analyst
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