BP names acting CEO Murray Auchincloss as permanent leader

(Sharecast News) - BP has named its former chief financial officer Murray Auchincloss as its permanent chief executive, after having served in an interim capacity for the past four months. Auchincloss, who has been part of BP since its merger with Amoco in 1998, had been CFO since July 2020 until September 2023 when he took over the helm following the abrupt departure of former CEO Bernard Looney, who resigned after failing to disclose personal relationships with colleagues.

BP announced on Wednesday that, after a long search for internal and external successors to Looney, Auchincloss has been appointed as ongoing CEO with immediate effect.

"His appointment has been made following a robust and competitive search process, carried out by the board over the past four months with support from international search advisers. This included detailed consideration of a range of candidates, including external to bp," the company said in a statement.

"Few know bp better than he does", according to company chair Helge Lund, who said that the board was in "complete agreement" that Auchincloss is the right person for the job.

"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," Lund said.

Commenting on the appointment, Auchincloss said "it's an honour to lead bp" and reiterated the company's strategic shift from an oil producer to an integrated energy company "does not change".

"I'm convinced about the significant value we can create," he said.