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January 18, 2024
1 Min Read
The company's stock has underperformed rivals since Looney's departure.Image courtesy of BP
BP has named Murray Auchincloss permanent CEO this week, pledging to stick with energy transition plans as the board seeks to steady the company, which was rocked by the sudden resignation of CEO Bernard Looney last September.
Auchincloss has led BP since Looney's departure and is well known to investors, having previously led BP's finances and helping Looney shape the company's current strategy calling for growing renewables and reducing oil and gas output by 2030. Auchincloss will continue as a member of the BP board.
"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," Auchincloss said in a statement. "Now, more than ever, our focus must remain on delivery – operating safely and efficiently, executing with discipline, and always focusing on returns."
BP's stock has underperformed rivals since Looney's departure, raising speculation that BP could be an acquisition target amid a recent wave of consolidation.
“Murray's 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," said Helge Lund, BP chair.
While CFO under Looney, Auchincloss was key in formulating changes to its strategy last February, including slowing down BP's retreat from oil and gas and reducing spending on renewables in an effort to improve returns.
About the Author(s)
Kristen Kazarian has been a writer and editor for more than three decades. She has worked at several consumer magazines and B2B publications in the fields of food and beverage, packaging, processing, women's interest, local news, health and nutrition, fashion and beauty, automotive, and computers.
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