Dive Brief:
- BP has named Murray Auchincloss as its new CEO, effective immediately, according to a Wednesday announcement.
- Auchincloss had been BP’s interim CEO for the past several months following the resignation of former leader Bernard Looney last September. As he assumes the position on a full-time basis, Auchincloss will remain a member of BP’s board of directors.
- BP’s search to identify a new CEO was “thorough and highly competitive,” the company said. The decision to appoint Auchincloss was approved by the company’s full board of directors, excluding Auchincloss.
Dive Insight:
Although Auchincloss’ promotion to CEO marks a major executive shift at BP, it may not come as much of a surprise for the rest of the oil and gas industry. Earlier this month, reports had indicated that while BP was considering several internal and external candidates for the position, Auchincloss was the leading contender to land the job.
Other candidates reportedly considered for the role were Carol Howle, BP’s executive vice president of trading and shipping; and Emma Delaney, executive vice president of customers and products. BP’s shareholders were also reportedly pushing the company to consider BAE Systems CEO Charles Woodburn.
The search process for the new CEO was led by BP’s chairman Helge Lund, as well as three other non-executive directors.
“Many already know Murray well, and few know bp better than he does,” Lund said in Wednesday’s announcement. “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.”
As he assumes the top leadership role at one of the world’s largest oil and gas companies, Auchincloss is focused on “operating safely and efficiently, executing with discipline and always focusing on returns,” he said in the announcement.
“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,” he said.
Auchincloss became BP’s CFO in July 2020 after working as the company’s deputy CFO and head of business development for its upstream segment. From 2010 to 2013, he was head of BP’s group chief executive’s office, working directly with former CEO Bob Dudley.
His annual salary as CEO of BP will be £1.45 million ($1.83 million).
London-based BP owns a variety of convenience retailing brands across the U.S. Besides its own branded stores and those of the Thorntons arm, BP’s umbrella also includes Amoco, Ampm and TravelCenters of America. Its U.S. headquarters are in Houston.
