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Bloomberg
BP Plc handed more power to a new generation of executives, announcing that Chief Financial Officer Brian Gilvary will join his boss Bob Dudley in retiring this year.
Murray Auchincloss, currently the finance chief of BP’s oil and gas production division, will succeed Gilvary.
The energy giant already announced last year that Bernard Looney, who runs that unit, will become chief executive officer at the end of March.
In a world that’s increasingly wary of fossil fuels, BP’s new top executives will have to prove the company can keep up with the times. The London-based company has a highly profitable oil and gas business that pioneered exports from the Middle East, opened up giant fields in Alaska and the UK North Sea, and has paid billions of dollars to shareholders.
Looney and Auchincloss will be expected to keep that business performing well, while also addressing increasing investor pressure to curb greenhouse gas emissions and lay the groundwork for the long transition away from fossil fuels to clean energy.
With Auchincloss’s “international financial and commercial experience and a deep understanding of the whole group, he will play an important role as BP continues to develop in a fast-changing energy market,†Chairman Helge Lund said.