TIDMBP.
RNS Number : 9752Z
BP PLC
17 January 2024
press release
17 January 2024
Murray Auchincloss appointed bp chief executive officer
bp announced today that the bp board has appointed Murray
Auchincloss as bp chief executive officer with immediate effect.
Murray, who has been interim CEO since September 2023, will
continue as a member of the bp board.
His appointment has been made following a robust and competitive
search process, carried out by the board over the past four months
with support from international search advisers. This included
detailed consideration of a range of candidates, including external
to bp.
Helge Lund, chair of bp said: " Since September, bp ' s board
has undertaken a thorough and highly competitive process to
identify bp's next CEO, considering a number of high-calibre
candidates in detail. The board is in complete agreement that
Murray was the outstanding candidate and is the right leader for
bp.
"Many already know Murray well, and few know bp better than he
does. His assured leadership, focus on performance and delivery,
and deep understanding of the opportunities and challenges in the
energy transition will serve bp well as we continue our disciplined
transformation to an integrated energy company."
Murray Auchincloss said: "It's an honour to lead bp - this is a
great company with great people. Our 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.
"Now, more than ever, our focus must remain on delivery -
operating safely and efficiently, executing with discipline, and
always focusing on returns. This is how we will deliver real
benefits for our customers and other stakeholders and continue to
grow long-term value for bp's shareholders."
The search process for the new CEO was led by a committee of the
bp board, headed by Helge Lund together with three other
non-executive directors. The appointment decision was approved by
the full bp board, excepting Murray Auchincloss.
Notes:
-- Before becoming interim chief executive officer in September
2023, Murray had been bp's chief financial officer since July 2020,
at which time he also joined bp's board. He had previously served
as CFO, deputy CFO and head of business development for bp's
Upstream segment. From 2010-2013 Murray was head of bp's group
chief executive's office, working directly with Bob Dudley.
Murray, 53, joined Amoco Canada in 1992. Following financial and
planning roles in Canada and the US, his career included periods as
commercial director for bp ' s Onshore North America business and
CFO for bp ' s North Sea business. He has a degree in finance from
the University of Calgary and is a Chartered Financial Analyst and
is also a member of the Aker BP board.
-- Murray Auchincloss's remuneration arrangements will include:
- Annual salary of GBP1.45 million.
- Provisions relating to bonus opportunity, bonus deferral and
performance shares are all in accordance with BP's 2023
remuneration policy as approved by shareholders.
- A cash allowance in lieu of pension equal to 20 per cent of
base salary, in accordance with BP's remuneration policy and
aligned with the majority of the wider UK workforce.
-- This announcement contains inside information for the
purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014
of 16 April 2014 (MAR) as it forms part of domestic law by virtue
of the European Union (Withdrawal) Act 2018.
Further information:
bp press office, London: bppress@bp.com , 07831 095541.
Cautionary statement:
In order to utilize the 'safe harbor' provisions of the United
States Private Securities Litigation Reform Act of 1995 (the
'PSLRA'), bp is providing the following cautionary statement. This
announcement contains certain forward- looking statements - that
is, statements related to future, not past events and circumstances
- which may relate to one or more of the financial condition,
results of operations and businesses of bp and certain of the plans
and objectives of bp with respect to these items. These statements
are generally, but not always, identified by the use of words such
as 'will', 'expects', 'is expected to', 'aims', 'should', 'may',
'objective', 'is likely to', 'intends', 'believes', 'anticipates',
'plans', 'we see' or similar expressions. Actual results may differ
from those expressed in such statements, depending on a variety of
factors including the risk factors set forth in our most recent
Annual Report and Form 20-F under "Risk factors" and in any of our
more recent public reports.
Our most recent Annual Report and Form 20-F and other period
filings are available on our website at www.bp.com , or can be
obtained from the SEC by calling 1-800-SEC-0330 or on its website
at www.sec.gov.
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END
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