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BP has named Kate Thomson as interim chief financial officer, following the recent management upheaval resulting from the sudden resignation of chief executive Bernard Looney.
Looney stepped down after acknowledging that he failed to disclose the extent of previous personal relationships with colleagues. Murray Auchincloss has taken over as interim chief executive.
On Tuesday, the oil major announced that Kate Thomson, who has been with the company for 19 years and has held various senior financial positions, will replace Auchincloss as the interim CFO.
Auchincloss stated that Thomson “brings extensive technical knowledge combined with a deep understanding of BP, and has a proven track record of leadership within our finance function.”
Thomson currently serves as BP’s senior vice-president of finance for production & operations, having previously held roles as group treasurer and group head of tax.
BP has provided limited information regarding the selection process for finding Looney’s permanent replacement. Helge Lund, the company’s chair, has stated that he is not interested in taking on the CEO position.
The company is considering both internal and external candidates. While Lund has indicated that he expects BP’s strategy to remain unchanged under new leadership, investors are keeping a close eye on the sustainability of BP’s more aggressive push into renewable energy compared to its competitors.
Since Looney’s departure was announced, BP’s stock, which had lagged behind its peers during his tenure, has seen an increase, rising another 1 percent on Tuesday.
Energy company stocks have been boosted in part by a rising oil price, with Brent crude surpassing $95 a barrel for the first time this year on Tuesday.
Increasing prices and the broader fuel crisis caused by Russia’s reduction in gas supplies to Europe have added tension to a sector struggling to navigate the energy transition effectively.
While the International Energy Agency predicts that global oil, gas, and coal demand will peak before the end of this decade, some of the world’s largest oil producers have voiced their disagreement and warned that the sector still requires investment.
Saudi Arabia’s energy minister Prince Abdulaziz bin Salman and the CEO of its state oil company Saudi Aramco both cautioned on Tuesday that forecasts for peak oil demand were misguided.
Speaking at the same conference in Calgary, ExxonMobil CEO Darren Woods cautioned against expecting a sudden shift away from fossil fuels and emphasized the need for sustained investment in the industry.
In February, BP revised its plans to reduce oil and gas production by 2030, lowering the expected decline to 25 percent over the decade from the previous estimate of 40 percent, while also increasing its investment in the transition.
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