BP new CEO: Who is Murray Auchincloss? How much will he earn - and what happened to Bernard Looney?

The oil company BP has appointed its new chief executive after the shock departure of Bernard Looney last year after he admitted that he failed to fully detail relationships with colleagues. BP said its former chief financial officer, Murray Auchincloss, will become its new chief executive with immediate effect.

Auchincloss has been acting as interim chief executive since September and succeeds Looney. At the time of Looney’s departure the company informed investors that Looney “did not provide details of all relationships and accepts he was obliged to make more complete disclosure”.

BP’s board of directors faces questions over what it knew about Looney’s personal relationships with colleagues as sources say there was speculation about his relationships at the firm long before he became CEO. According to the Guardian, one senior energy industry source said it has been “going on for years” and there are “plenty of stories about his relationships with colleagues within BP”, adding “we’ve all heard them.”

Looney’s departure came less than four years into his tenure. He faced fierce criticism for his huge pay packets which more than doubled in 2022. 

Auchinloss will now lead the firm following this scandal. He reportedly competed for the role against Carol Howle, BP’s head of trading and shipping, and Emma Delaney, the head of customers and products. The chief executive of BAE Systems, Charles Woodburn, was also reportedly linked to the role.

Helge Lund, the BP chair, said: “Since September, BP’s board has undertaken a thorough and highly competitive process to identify BP’s next CEO, considering a number of high-calibre candidates in detail. The board is in complete agreement that Murray was the outstanding candidate and is the right leader for BP.

Who is BP’s new CEO?

Fifty-three-year-old Auchincloss, a Canadian national, joined BP when it took over the oil company Amoco in 1998 and has been on the board since he became chief financial officer (CFO) four years ago.  He has held senior roles in BP’s finance and management departments – across tax, business development, mergers and acquisitions and performance management. 

He was chief of staff to the BP CEO from 2010 to 2013. According to BP, as CFO Auchincloss led a major modernisation drive in BP finance including building the financial frame on which BP’s strategy rests. He is also a member of the board of directors for Aker BP ASA, Norway - another oil and gas exploration and production company.

In his new role as CEO Auchinloss will take home an annual salary of £1.45m before pension and bonus opportunities. He said he is “convinced about the significant value” BP “can create”. He added: “Now, more than ever, our focus must remain on delivery – operating safely and efficiently, executing with discipline, and always focusing on returns. This is how we will deliver real benefits for our customers and other stakeholders and continue to grow long-term value for BP’s shareholders.”