BP PLC (LSE:BP.) on Wednesday confirmed interim chief executive Murray Auchincloss has been given the job on a permanent basis with immediate effect.
Auchincloss has been interim CEO since September 2023 after the shock departure of Bernard Looney.
BP said the appointment followed a robust and competitive search process and included a range of candidates, including external to BP.
BP chair Helge Lund said: "The board is in complete agreement that Murray was the outstanding candidate and is the right leader for BP.
“His assured leadership, focus on performance and delivery, and deep understanding of the opportunities and challenges in the energy transition will serve BP well,” Lund added.
For his part, Auchincloss said: "It's an honour to lead BP - this is a great company with great people.”
He said its 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”.
In December, BP said Looney had been dismissed without notice after concluding he had "knowingly misled the board".
The oil major said Looney will receive no further salary, pension allowance or benefits from the date of his dismissal.
BP said the total maximum value of the potential remuneration that has been forfeited or clawed back is £32.4 million.
BP explained that in 2022 the board sought assurances regarding disclosure of Looney's past personal relationships with company colleagues and his future behaviour.
Looney gave these assurances to the board in July 2022, but in his September resignation informed the company that he had not been fully transparent in those assurances.