Supermajor BP has confirmed the appointment of Murray Auchincloss as its chief executive officer with immediate effect. Auchincloss, 53, has served as interim CEO since the September 2023 departure of former chief Bernard Looney following his failure in disclosing details of past personal relationshipswith certain colleagues.
BP said the appointment was made following a “robust and competitive search process, carried out by the board over the past 4 months with support from international search advisers.”
The supermajor added that the search included detailed consideration of a range of candidates, including external to the company.
“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,” said Helge Lund, chair of BP. “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.”
Auchincloss said, “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.
“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 process for the new CEO was led by a committee of the company's board, headed by Lund together with three other nonexecutive directors. The appointment decision was approved by the full board, excepting Auchincloss, who will remain a member of the board.
BP has confirmed Auchincloss’ annual salary will be £1.45 million ($1.8 million).
Before becoming interim chief executive officer in September 2023, Auchincloss had been BP's chief financial officer since July 2020, at which time he also joined the board. He had previously served as CFO, deputy CFO, and head of business development for BP’s upstream segment. From 2010 to 2013 Murray was head of BP’s group chief executive’s office, working directly with former BP CEO Bob Dudley.
He holds 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.
