BP appoints new CEO after Bernard Looney's surprise resignation

17 January 2024 , 09:34

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British oil giant BP has appointed Murray Auchincloss as the new CEO (Image: PA Wire/PA Images)

British oil giant BP has appointed Murray Auchincloss as the new CEO, after ex-boss Bernard Looney stepped down last year.

Mr Auchincloss, previously the acting boss since September, is now taking the helm permanently. The company emphasised that it had carried out a "robust and competitive" hunt for a new head honcho, including considering people from outside the firm but ultimately decided, Mr Auchincloss was "the right leader".

Previous CEO Mr Looney shockingly resigned in September due to non-disclosure of past relationships with company peers. He admitted that he hadn't been completely up front about all his workplace relationships to the board. Mr Looney had spent his whole career at the firm, starting off in 1991 as a drilling engineer.

Ex-BP boss Bernard Looney stepped down last year (PA Wire/PA Images)

Newly appointed chief executive, Mr Auchincloss, is a 53 year old Canadian national who served as BP's CFO for over three years, joining when BP acquired Amoco in 1998. His yearly pay will be an impressive £1.45 million apart from pension and bonus opportunities.

BP chairman Helge Lund 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."

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He added that Mr Auchincloss will lead the business through its "disciplined transformation to an integrated energy company". Mr Auchincloss said: "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."

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Lawrence Matheson