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TOP NEWS: BP names interim CFO amid post-Looney reshuffle

19th Sep 2023 09:38

(Alliance News) - BP PLC on Tuesday named Kate Thomson as its interim chief financial officer, after the oil major's previous CFO temporarily took on the post of chief executive after the shock departure of Bernard Looney last week.

BP shares rose 1.2% to 525.30 pence each in London on Tuesday morning.

Thomson is currently BP's senior vice president of finance for the Production & Operations arm and has been with the company for 19 years.

Thomson's appointment comes after finance chief Murray Auchincloss was named interim CEO, after Bernard Looney resigned from the top job with immediate effect on Tuesday.

BP said that in May last year, its board received and reviewed allegations from an anonymous source relating to Looney's conduct "in respect of personal relationships with company colleagues".

Looney disclosed "a small number of historical relationships with colleagues prior to becoming CEO" during the review, it added, while noting that no breach of the company's code of conduct was found.

However, the board was given his assurances over his disclosures of past personal relationships, as well as his future behaviour, according to BP.

"Further allegations of a similar nature were received recently, and the company immediately began investigating with the support of external legal counsel," it said, adding that the process was continuing.

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

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

By Eric Cunha, Alliance News news editor

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