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New BP boss Auchincloss says ‘strategy unchanged’

BP
BP’s new CEO will focus on delivering value

BP has named Murray Auchincloss as permanent CEO, four months after he was installed as interim boss following the resignation of Bernard Looney over undisclosed relationships with employees.

Mr Auchincloss, 53, who headed BP’s finances under his predecessor, indicated that he will continue a strategy aimed at slashing carbon emissions, building up its renewables and clean fuel capacity and cutting oil and gas output by 2030.

In a statement, he said the strategy “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.”

Mr Looney resigned on 12 September for failing to disclose relationships with employees.

The company said Mr 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 Mr Looney’s past personal relationships with company colleagues and his future behaviour.

Mr 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.

Mr Auchincloss is himself married to a BP employee, a relationship he disclosed prior to becoming CFO in 2020.

He was seen as the most likely candidate for the permanent job after chairman Helge Lund and BP’s board had short-listed two other internal candidates – BP head of trading and shipping Carol Howle and Emma Delaney, head of customers and products, sources told Reuters in December.

Mr 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,”

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