BP Appoints Murray Auchincloss as Chief Executive Officer

By Editor


BP has announced the appointment of Murray Auchincloss as the company’s Chief Executive Officer (CEO), effective immediately.

Murray Auchincloss, who has been serving as the interim CEO since September 2023, will continue to be a part of the BP board.

Murray Auchincloss’s remuneration arrangements include an annual salary of £1.45 million, bonus provisions aligned with BP’s 2023 remuneration policy, and a cash allowance in lieu of pension equal to 20 per cent of the base salary, in accordance with BP’s remuneration policy.

The decision comes after an extensive and competitive four-month search process conducted by the BP board, with support from international search advisers. The process involved a meticulous evaluation of various candidates, including external ones.

Helge Lund, the chair of BP, stated, “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.”

Murray Auchincloss expressed his honor at leading BP, emphasizing the company’s greatness and the dedication of its people. He asserted that BP’s strategy, transitioning from an international oil company to an integrated energy company, remains unchanged.

Murray Auchincloss, who served as BP’s Chief Financial Officer since July 2020 before taking on the interim CEO role, shared his conviction about the significant value BP can create. He stressed the importance of maintaining focus on safe and efficient operations, disciplined execution, and delivering returns to benefit customers, stakeholders, and shareholders.

The selection process for the new CEO was overseen by a committee of the BP board, led by Helge Lund and three other non-executive directors. The appointment decision received approval from the full BP board, excluding Murray Auchincloss.

Before assuming the interim CEO position, Murray Auchincloss had been BP’s Chief Financial Officer since July 2020. His extensive career at BP included roles as CFO, deputy CFO, and head of business development for the Upstream segment. He also served as head of BP’s group chief executive’s office from 2010 to 2013, working directly with Bob Dudley.

Murray Auchincloss, 53, joined Amoco Canada in 1992 and has held various roles, including commercial director for BP’s Onshore North America business and CFO for BP’s North Sea business. He holds a degree in finance from the University of Calgary, is a Chartered Financial Analyst, and is a member of the Aker BP board.

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