BP names new chief after Looney scandal

MURRAY AUCHINCLOSS has been named the new chief executive of BP as the oil giant seeks to move on from the scandal surrounding the exit of its former boss, Bernard Looney.

The Canadian has been serving as BP’S interim chief since September following the shock exit of Mr Looney and BP’S board confirmed Mr Auchincloss’s permanent appointment yesterday. As chief executive, he will earn a salary of £1.45m as well as being entitled to bonuses and cash in lieu of a pension.

His predecessor was forced to resign after accepting that he had not been

“fully transparent” about personal relationships with company colleagues.

Mr Looney’s shock exit threw BP’S strategy into doubt and sparked speculation that the company could be a takeover target, amid a raft of mega-mergers in the oil industry.

The scandal also led Mr Looney to forfeit £32m after the board concluded there had been “serious misconduct”. The Irishman has since said he is “proud” of his record at BP.

Mr Auchincloss, 53, was formerly the company’s finance chief. His elevation to the top job came at a time of crisis for BP, and Mr Auchincloss’s close working relationship with Mr Looney had fuelled speculation the board could appoint an outsider to steady the ship. His permanent appointment reinforces the view that the board wishes to double down on its existing strategy. After Mr Looney’s departure, Mr Auchincloss told staff: “Our strategy hasn’t changed.”

Mr Looney pledged to cut oil and gas output and invest billions of dollars in greener energy projects by the end of the decade. BP is the only big energy company to commit to firm cuts for oil and gas production.

Mr Auchincloss said yesterday: “Our strategy … does not change. I’m convinced about the significant value we can create.”