London, January 17, 2024, The Europe Today: BP announced today that Murray Auchincloss, who has been serving as interim CEO, has been appointed as the permanent Chief Executive Officer. This decision comes four months after the unexpected resignation of Bernard Looney over undisclosed relationships with employees. Auchincloss, previously heading BP’s finances under Looney, expressed his commitment to continuing the company’s strategy focused on reducing carbon emissions, expanding renewable energy and clean fuel capabilities, and achieving a significant reduction in oil and gas production by 2030.
BP shares experienced a 1% decline in the opening market, while Shell shares were down 2%. The move follows speculation regarding BP’s vulnerability to acquisition amid its underperformance compared to industry peers since Looney’s departure.
The appointment of Kate Thomson as interim CFO will continue as the process to fill the permanent role progresses. Auchincloss had taken on the role of interim CEO after Looney’s resignation on September 12, 2023, citing undisclosed relationships with employees as the reason for stepping down. Auchincloss had disclosed his own relationship with a BP employee when he assumed the role of CFO in 2020.