British oil major BP will appoint Murray Auchincloss as new CFO, as Brian Gilvary has decided to retire in June after eight years in position, and 34 years with the company.
Auchincloss currently serves as CFO of BP’s Upstream segment and will take up the role of BP CFO and join the board on July 1, 2020. He will have an annual salary of £695,000, plus bonuses.
He has served as CFO for BP’s Upstream segment since 2015. He took up the role after two years as Upstream deputy CFO and head of business development for the segment. Before this he had been head of the group chief executive’s office from 2010-13, working directly with Bob Dudley.
Gilvary and Auchincloss will work together between now and the end of June to ensure an orderly transition, BP said Tuesday.
BP chairman Helge Lund said: "We will miss Brian’s financial stewardship and strategic insights. He is one of the architects of today’s BP, key to its transformation into a safer, simpler and stronger company. After a thorough selection process, the board is pleased to have chosen Murray as BP’s next CFO. With his 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. On behalf of the board, I would like to thank Brian for all he has done for BP and look forward to welcoming Murray to the board."
Gilvary's role can't be overstated, CEO says
In a statement on Tuesday, BP highlighted Gilvary's role during some of the most difficult times for the company, as during his time as CFO he has lead the rebuilding and strengthening of the group’s finances and the resolution of complex litigation after the Gulf of Mexico oil spill; managed the impacts of the oil price crash of 2014/15; and played "an integral role in evolving BP’s position in Russia."
Bob Dudley, BP group chief executive, who himself will leave his position in roughly two weeks, said: “I have worked closely with Brian for more than two decades and have always valued his financial expertise, strategic guidance and his unwavering dedication to the company. It is difficult to overstate the contribution he has made to BP: few CFOs have faced challenges of the scale that he has, and far fewer have managed them as successfully. As now we both approach retirement, I will miss working with him.”
Brian Gilvary said: “My career with BP has been a privilege, bringing opportunities and challenges that I could not have imagined when I first started out. But now is the right time to move on: BP is in good shape – strong and ready to face the future with new leadership. I am especially proud of the talented and diverse team of people we have built and all that we have achieved together – I’m certain BP will be in good hands.”
Gilvary joined BP in 1986 with a PhD in mathematics from the University of Manchester. After a variety of commercial and financial roles internationally in BP’s upstream, downstream and trading businesses, he became chief executive of BP ‘s integrated supply and trading function in 2005 and in 2010 deputy CFO and head of finance. He became BP CFO and joined the board in January 2012.
Bernard Looney, currently chief executive Upstream and BP group chief executive from 5 February 2020, said: “All of us at BP will greatly miss Brian’s clarity of thought, his candor and his commitment to the company. I appreciate that he has agreed to stay in post until mid-year to ensure a successful handover to Murray. I have worked side-by-side with Murray for many years and have the utmost confidence in his ability to step into this critical role.”