logo-loader
viewBP PLC

BP names new CFO as executive management switch approaches

New CFO Murray Auchincloss has worked alongside incoming group CEO Brian Looney for several years.

Murray Auchincloss
Murray Auchincloss becomes group CFO in July following a period of transition alongside incumbent Brian Gilvary

BP PLC (LON:BP. on Tuesday told investors that chief financial officer Brian Gilvary is to retire and will be replaced by Murray Auchincloss.

It comes amid a broader management transition which, as previously announced, sees chief executive Bob Dudley step down to be replaced by the group’s upstream chief Bernard Looney (who takes up the CEO role in February).

Gilvary has been at BP for 34 years of which eight were spent as CFO.

His replacement Auchincloss has worked in BP Upstream alongside Looney as the division’s CFO.

Auchincloss takes up the group CFO role in July and in the meantime he will work alongside Gilvary to ensure an orderly handover.

READ: BP downgraded by Berenberg ahead of February’s CEO switch

"All of us at BP will greatly miss Brian's clarity of thought, his candour and his commitment to the company. I appreciate that he has agreed to stay in post until mid-year to ensure a successful handover to Murray,” Looney said in a statement.

“I have worked side-by-side with Murray for many years and have the utmost confidence in his ability to step into this critical role."

Chairman Helge Lund added: "We will miss Brian's financial stewardship and strategic insights. He is one of the architects of today's BP, key to its transformation into a safer, simpler and stronger company.

“After a thorough selection process, the board is pleased to have chosen Murray as BP's next CFO. With his international financial and commercial experience and a deep understanding of the whole group, he will play an important role as BP continues to develop in a fast-changing energy market.”

Quick facts: BP PLC

Price: 456.85 GBX

LSE:BP.
Market: LSE
Market Cap: £92.53 billion
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Xpediator's Stephen Blyth outlines five-year growth plans as core businesses...

Xpediator PLC's (LON:XPD) Stephen Blyth speaks to Proactive London following the release of its 2019 trading update. The firm saw turnover rise 19% to £212mln - boosted by acquisitions and organic growth while adjusted pre-tax profit's expected to be slightly above £5mln. Blyth says a big...

2 days, 11 hours ago

2 min read