BP's Interrim CEO Decided
Posted 14/09/2023 10:58
BP recently announced the appointment of its Chief Financial Officer, Murray Auchincloss, as the interim CEO following the resignation of Bernard Looney amidst an ongoing investigation into personal relationships with colleagues. But who is Murray Auchincloss?
Auchincloss is a trusted advisor and group leader at BP, known for his financial expertise, experience, and knowledge. His broad experience across the company has provided him with deep insights into BP's assets and businesses. He holds a degree in commerce from the University of Calgary, Canada, and is a qualified chartered financial analyst from the University of West Virginia.
One of Auchincloss's key focuses has been modernizing BP's financial teams, controlling costs, and ensuring transparent financial disclosures to investors and markets. His career at BP has spanned a wide range of tax and financial roles, starting with Amoco and continuing after the merger of the two organizations in 1998.
Auchincloss has worked in both the U.S. and the UK in various roles, including chief financial officer, upstream, and chief financial officer, North Sea. He also served as the chief financial officer of BP's North American Gas business and managed all aspects of the chief executive's office and the executive process during his three-year tenure in that role.
As the chief financial officer, a position he assumed in July 2020, Auchincloss has overseen various functions, including finance, tax, treasury, planning and performance management, mergers and acquisitions, investor relations, audit, global business services, and procurement.
A Canadian national, Auchincloss currently serves on the board of directors for Aker BP ASA in Norway and is a member of the 100 Group Main Committee.
Upon his appointment as BP's CFO, BP Chairman Helge Lund expressed confidence in Auchincloss, emphasizing his international financial and commercial experience and deep understanding of the company's operations.
It remains to be seen when BP will select its next permanent CEO, whether Bernard Looney will maintain any connection with BP in any capacity, and whether BP's strategy will undergo any changes in light of Looney's departure.
BP's current focus revolves around transforming into an integrated energy company with a three-pillar strategy, including five transition growth engines. The company aims to invest in these transition growth engines while simultaneously investing in the current energy system.
In its latest results statement, BP reported a profit of $1.8 billion, an underlying replacement cost profit of $2.6 billion, and net debt of $23.7 billion in the second quarter. Despite challenges, BP remains committed to delivering its strategy, growing its dividend, and reducing its share count.
As Murray Auchincloss takes the reins as interim CEO, BP continues its journey toward a sustainable energy future.