BP PLC (LSE:BP.) has so far failed to recruit a new chief executive officer since Bernard Looney resigned from the position in September and the board's search for a successor is set to continue into 2024, according to reports.
Murray Auchincloss, who was previously the company’s chief financial officer, was brought in as acting CEO that month on an interim basis.
There has been speculation that Auchinloss is a possible replacement for the top job at the oil company.
Last year, BP’s board began reviewing allegations lodged by an anonymous source about Looney’s personal relationships with colleagues.
Looney, whose ex-wife Jacqueline Hurst claimed he had split with her over WhatsApp before they divorced in 2019, was widely reported to have promoted staff he was romantically linked with before becoming chief executive in 2020.
Looney admitted to BP’s board that he had not been not fully transparent in his disclosures around his relationships with colleagues, the company said at the time of his resignation.
The board, led by chairman Helge Lund, is reported to be continuing to investigate the matter with the help of a law firm.
The investigation is also looking into Looney’s pay package, which reached about US$12 million in 2022.
Looney’s departure has caused turbulence at the oil company, which has suffered a drop of at least 7% in its share price since 12 September, while its rival Shell PLC (LSE:SHEL, NYSE:SHEL) has made gains.
BP’s earnings also missed analysts’ expectations in the third quarter, with underlying operating profit falling to US3.3 billion, shy of the market's US$4 billion prediction, and down from US$8.2 billion a year earlier.
The company also lost the head of its US business, Dave Lawler, who resigned shortly after Looney to pursue other career opportunities.
BP is now searching for a new permanent CEO, and is reported to be considering both internal and external candidates, according to a report by Reuters.
The board is expected to have extended the length of its search for a new CEO to the first quarter of 2024, and could make an announcement in February when BP is due to announce its full-year earnings.
BP had not returned comment by the time of publication.