BP taps company man Auchincloss as permanent chief: reports

BP was late on Tuesday night putting the finishing touches to the permanent appointment of interim boss Murray Auchincloss as CEO, according to reports.

The former chief financial officer, who stepped into the top job on a wait-and-see basis last year after boss Bernard Looney was sacked, will be announced as soon as Wednesday morning according to a late night report from Sky News’ Mark Kleinman.

BP has never appointed a chief exec from outside the business and some had speculated that this appointment may be the moment for the energy giant to look beyond its own walls.

However Auchincloss is said to have enjoyed support from institutional shareholders, with whispers that BAE System boss Charles Woodburn could be tapped up apparently coming to nothing.

Former boss Looney stepped down after misleading the board over relationships with colleagues, with the company formally dismissing him – and denying him more than £30m-worth of remuneration in share awards and long-term incentives – after an investigation.

Auchincloss’ first job will be to decide if the company’s current ‘and not or’ strategy – in which it invests heavily in renewable energy and green investment whilst also remaining a major oil and gas player – is the right one.

Some had lauded Looney’s efforts to commit to renewable energy investment, but an equal number of market observers and investors were unconvinced about the strategic shift as the company’s share price suffered in comparison to the other major Western oil powers.

Auchincloss himself said in October the company’s renewable strategy and net zero ambition remain unchanged following Looney’s departure, with low carbon technologies set to remain  one of BP’s core activities.