BP has announced the appointment of Murray Auchincloss as CEO this morning.

The Canadian had been leading the energy giant on an interim basis since September following the resignation of Bernard Looney.

Looney, who was the helm for four years, stepped down after misleading the board over relationships with colleagues.

The company formally dismissed him and denied him more than £30million worth of share awards and long-term incentives following an investigation.

The former CEO has, however, been lauded by some for his efforts to commit to renewables and the company's "and not or" strategy. But others were not as convinced about the shift, with the company's share price suffering.

But it looks the that strategy is set to remain, with Auchincloss "convinced about the significant value we can create".

Upon his permanent appointment, the former chief financial officer 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.

"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."

Helge Lund, chair of BP, added: "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. 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."

More like this…

View all