BP announced Wednesday that interim CEO Murray Auchincloss – who took over last year following the resignation of his predecessor for failing to fully disclose personal relationships with colleagues – is now its permanent CEO.
The energy company says the 53-year-old's appointment was made after a "robust and competitive search process, carried out by the board over the past four months with support from international search advisers."
"Since September, bp’s board has undertaken a thorough and highly competitive process to identify bp’s next CEO, considering a number of high-caliber candidates in detail," Helge Lund, its board chairman, said in a statement. "The board is in complete agreement that Murray was the outstanding candidate and is the right leader for bp."
Previous CEO Bernard Looney departed the company in September 2023. Shares of BP were slightly down Wednesday following the latest announcement.
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"Mr. Looney has today informed the Company that he now accepts that he was not fully transparent in his previous disclosures," BP said last year. "He did not provide details of all relationships and accepts he was obligated to make more complete disclosure."
The release said BP's board received allegations in May 2022 from an anonymous source on Looney's behavior regarding personal relationships with others at the company, and that the CEO revealed a "small number" of past relationships with BP colleagues at the time.
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"However, the Board sought and was given assurances by Mr. Looney regarding disclosure of past personal relationships, as well as his future behavior," the release read. "Further allegations of a similar nature were received recently, and the Company immediately began investigating with the support of external legal counsel."
Auchincloss, prior to his current role, was BP’s chief financial officer since July 2020 and also served positions in the company’s Upstream segment.
Fox Business’ Breck Dumas contributed to this report.
