BP Share Price Fell 1.44% on the Appointment of a New CEO

The BP plc (LON: BP) share price fell 1.44% after announcing the appointment of its former interim CEO as the substantive CEO starting today. Today, BP immediately appointed Murray Auchincloss as the new chief executive officer. Murray, who has been serving as the interim CEO since September 2023, will also maintain his position on the BP board.

This decision comes after a comprehensive and competitive selection process conducted by the BP board over the last four months, with assistance from global search consultants. The process involved an extensive review of various candidates, including those from outside the company.

Helge Lund, the chair of BP, commented: “Over the past few months, the board has engaged in a rigorous and highly competitive search for BP's next CEO, evaluating a diverse group of highly qualified individuals. We unanimously agree that Murray is the ideal choice and is well-equipped to lead BP. His familiarity with BP, combined with his proven leadership skills, keen understanding of the complexities of the energy transition, and commitment to performance and delivery, make him the perfect fit for guiding BP through its ongoing evolution into an integrated energy company.”

Murray Auchincloss expressed his gratitude and enthusiasm for the new role: “I am honored to take the helm at BP, a company distinguished by its talented team. Our path forward remains steady, continuing our transition from an international oil company to an integrated energy company. I am confident in the immense value we can unlock through this strategy. Our priorities are clear – maintaining safe and efficient operations, disciplined execution, and a relentless focus on returns. This approach is key to delivering tangible benefits for our customers and stakeholders while driving long-term growth for BP's shareholders.”

The CEO selection process was overseen by a committee from the BP board, led by Helge Lund and including three other non-executive directors. The final decision on the appointment was ratified by the entire BP board, with Murray Auchincloss abstaining.

Murray Auchincloss, aged 53, began his career at Amoco Canada in 1992. He has held various financial and planning positions in Canada and the US. He has experience as the commercial director for BP's Onshore North America business and CFO for BP's North Sea business. 

BP share price. 

The BP Plc share price fell 1.44% to trade at 445.15p from Tuesday’s closing price of 451.65p.