By Christian Moess Laursen
BP, the British oil-and-gas major, has officially chosen Murray Auchincloss as its new chief executive officer, following the sudden exit of Bernard Looney in September.
Auchincloss, a longtime BP executive who previously served as finance chief, took on the role of interim CEO on September 12th. Looney’s departure came after the company disclosed that he had failed to reveal details about a previous personal relationship with colleagues. As a result, Looney lost £32.4 million ($40.9 million) in compensation, according to BP.
During his nearly four year tenure, Looney had set a strategic direction for BP to transition from oil and gas to renewable energy, positioning the company at the forefront of the global shift towards sustainable energy sources.
However, BP has faced challenges in keeping up with its U.S. counterparts who have seen success in sticking to their traditional fossil fuel businesses.
Following Looney’s departure, there was speculation about a potential change in strategy for BP, which Auchincloss addressed in a webcast to BP staff the day after assuming leadership.
“Our strategy–from international oil company to integrated energy company–does not change. I’m confident in the significant value we can create,” Auchincloss stated.
He emphasized the importance of maintaining focus on safe and efficient operations, disciplined execution, and prioritizing returns now more than ever.
Since Looney’s sudden exit, BP’s shares have underperformed, falling 14%, as investors remained uncertain about the company’s future direction.
