bp Elevates Interim CEO Murray Auchincloss to Permanent Leadership Role

bp Elevates Interim CEO Murray Auchincloss to Permanent Leadership Role

(IN BRIEF) bp has appointed Murray Auchincloss as its new Chief Executive Officer (CEO), effective immediately. Auchincloss, who has been serving as interim CEO since September 2023, will continue as a member of the bp board. His appointment follows a comprehensive and competitive four-month search process, which considered both internal and external candidates. Auchincloss previously held the position of Chief Financial Officer at bp since July 2020. The company’s board approved his appointment, recognizing him as the right leader for bp during its transformation into an integrated energy company.

(PRESS RELEASE) LONDON, 17-Jan-2024 — /EuropaWire/ —  bp (LON: BP), a British multinational oil and gas company, has announced the appointment of Murray Auchincloss as its new Chief Executive Officer, effective immediately. Murray, who has been serving as interim CEO since September 2023, will also retain his position as a member of the bp board. His selection comes after a comprehensive and competitive search process conducted by the board over the past four months, which included evaluating various candidates, both internal and external to bp.

Helge Lund, Chair of bp, expressed, “Since September, bp’s board has undertaken a thorough and highly competitive process to identify bp’s next CEO, considering a number of high-caliber 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.”

Murray Auchincloss, who previously served as bp’s Chief Financial Officer since July 2020, stated, “It’s an honor 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.”

He emphasized the importance of focusing on delivery, operational efficiency, and returns, saying, “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.”

The search for the new CEO was led by a committee of the bp board, chaired by Helge Lund, along with three other non-executive directors. The appointment was approved by the full bp board, except for Murray Auchincloss.

Murray Auchincloss, 53, has a distinguished career at bp, with previous roles as CFO, Deputy CFO, and Head of Business Development for the Upstream segment. He has also held key positions in the company, including commercial director for bp’s Onshore North America business and CFO for bp’s North Sea business.

Notes

• Before becoming interim chief executive officer in September 2023, Murray had been bp’s chief financial officer since July 2020, at which time he also joined bp’s board. He had previously served as CFO, deputy CFO and head of business development for bp’s Upstream segment. From 2010-2013 Murray was head of bp’s group chief executive’s office, working directly with Bob Dudley.
• Murray, 53, joined Amoco Canada in 1992. Following financial and planning roles in Canada and the US, his career included periods as commercial director for bp’s Onshore North America business and CFO for bp’s North Sea business. He has a degree in finance from the University of Calgary and is a Chartered Financial Analyst and is also a member of the Aker BP board.

• Murray Auchincloss’s remuneration arrangements will include:
  • Annual salary of £1.45 million.
  • Provisions relating to bonus opportunity, bonus deferral and performance shares are all in accordance with BP’s 2023 remuneration policy as approved by shareholders.
  • A cash allowance in lieu of pension equal to 20 per cent of base salary, in accordance with BP’s remuneration policy and aligned with the majority of the wider UK workforce.
• This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 of 16 April 2014 (MAR) as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018.