BP board appoints Murray Auchincloss as new CEO

Jan. 17 (UPI) -- BP announced Wednesday that the oil and gas company's board has appointed Murray Auchincloss as the new CEO.

He has been interim CEO since September 2023 when Bernard Looney resigned as a renewed investigation started into his relationships with company colleagues.

BP board chair Helge Lund said in a statement, "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."

Before becoming interim CEO Auchincloss was BP's CFO since July 2020.

"It's an honor to lead BP -- this is a great company with great people," Auchincloss said in a statement.

He added the company strategy won't change as the focus will remain on safe and efficient operation, focusing on returns.

BP said Auchincloss will be paid $1.8 million a year base salary plus 20% of the base in lieu of a pension. Compensation also includes bonuses and performances shares of the company.

Auchincloss previously served as deputy CFO. He has a degree in finance from the University of Calgary.

Former CEO Bernard Looney resigned after BP began a probe into Looney's relationships with BP employees. The company said in a September statement that Looney "was not fully transparent in his previous disclosures" regarding the relationships.