BP names Auchincloss as new CEO after Bernard Looney scandal

BP appointed Murray Auchincloss as its permanent chief executive officer, four months after the shock resignation of his predecessor Bernard Looney.

The decision ends a period of uncertainty for the London-based oil major, though Auchincloss — who has been serving as interim CEO — is likely to face continued scrutiny as he seeks to move the company on from the scandal that brought down Irishman Looney.

Looney stood down Sept. 12 after admitting he’d failed to fully disclose past relationships with colleagues. The former executive misled the company’s board and will forfeit as much as £32.4 million (€37.7 million) in pay, BP said last month.

Auchincloss has largely stuck with Looney’s strategy of favoring growth in clean energy and a plan to keep oil and gas output flat for the rest of this decade. He’s also batted off speculation that the turmoil created by the ex-leader’s departure has made BP a takeover target.

BP’s US peers have spent more than $100 billion (€92 billion) on major acquisitions in recent months and analysts predict more consolidation within the industry.

Auchincloss’s “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,” Chairman Helge Lund said in a statement on Wednesday.

Auchincloss, a Canadian, has been at BP since the company’s merger with Amoco in 1998 and held positions including chief of staff to former CEO Bob Dudley. He was named chief financial officer in 2020, a few weeks before Looney unveiled BP’s net zero strategy. -- Bloomberg