Home » UK Business News » BP picks executive search firm for CEO hunt after Looney’s removal

BP picks executive search firm for CEO hunt after Looney’s removal

By Nithya Bose in UK Business News, posted November 23, 2023

BP has selected headhunters to find a new CEO more than two months after the ousting of Bernard Looney due to undisclosed personal relationships.

The oil giant has enlisted Egon Zehnder International to take the helm, to find a successor to Mr Looney.

The FTSE 100 company would explore external and internal candidates, including interim CEO Murray Auchincloss.

According to City insiders, Mr Auchincloss, who previously served as BP's finance chief, has garnered widespread shareholder support for a permanent position.

However, the appointment process is likely to extend over several months.

Bernard Looney, at the helm of the energy giant since 2020, resigned in mid-September, and his payoff is still under consideration by the BP board.

The company revealed it had conducted two inquiries into Looney's relationships with colleagues.

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BP said: "Mr Looney has informed the company that he now accepts that he was not fully transparent in his previous disclosures.

"He did not provide details of all relationships and accepts he was obligated to make more complete disclosure."

Shares in BP, currently trading at approximately 471.68p, reflect a market capitalization of around £80bn.

BP declined to comment on the matter.

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