TIDMBP.
RNS Number : 4281A
BP PLC
21 January 2020
press release
21 January 2020
BP chief financial officer Brian Gilvary to retire
and be succeeded by Murray Auchincloss
The board of BP p.l.c. today announced that Brian Gilvary, BP
chief financial officer (CFO), has decided to retire from the
company and step down from the BP board on 30 June 2020. Gilvary
has had a 34-year career with BP, including over eight years as
CFO.
He will be succeeded by Murray Auchincloss, currently CFO of
BP's Upstream segment, who will take up the role of BP CFO and join
the board on 1 July 2020. Gilvary and Auchincloss will work
together between now and the end of June to ensure an orderly
transition.
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."
Bob Dudley, BP group chief executive 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."
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 candour 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."
Brian Gilvary
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.
During his time as CFO he has managed some of the most complex
issues to face BP: leading the rebuilding and strengthening of the
group's finances and the resolution of complex litigation after the
Gulf of Mexico oil spill; managing the impacts of the oil price
crash of 2014/15; and playing an integral role in evolving BP's
position in Russia.
Gilvary is a non-executive director of Air Liquide, the Royal
Navy Board and the Francis Crick Institute. Recognised for his
leadership in governance and finance issues, since 2018 he has
chaired the 100 Group of FTSE 100 Finance Directors. A Great
Britain Age Group Triathlete, he has been a strong advocate of BP's
support of the Paralympic movement.
Murray Auchincloss
Auchincloss 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.
Auchincloss first joined Amoco Canada in 1992 and his early
career included financial and planning roles in Canada and the US.
After a period as commercial director for BP's Onshore North
America business, from 2005-2007 he was CFO for BP's North Sea
business, including all Upstream activities in the UK and Norway.
He has a degree in finance from the University of Calgary and also
qualified as a Chartered Financial Analyst. He is the Deputy
Director of the Aker BP board.
Notes to editors:
-- The company confirms there is no further information to be
disclosed under the requirements of listing rule 9.6.13R in
relation to Murray Auchincloss's appointment.
-- Details of Auchincloss's remuneration and the details of the
arrangements that will apply to Brian Gilvary's retirement are set
out below.
Murray Auchincloss remuneration arrangements:
Full details of Murray Auchincloss's remuneration will be
included in the 2020 Directors' Remuneration Report, following his
appointment to the Board on 1 July 2020. His remuneration package
will include:
- Annual salary of GBP695,000.
- Provisions relating to bonus opportunity, bonus deferral and
performance shares as an Executive Director are all in accordance
with BP's 2017 remuneration policy as approved by shareholders.
- Auchincloss will be entitled to a cash allowance in lieu of
pension equal to 15 per cent of base salary. For the purposes of
his deferred pension calculation, base salary and service will be
frozen as at 30 June 2020.
Brian Gilvary retirement arrangements:
- Brian Gilvary's service contract provides for a twelve months'
notice period. Notice commenced on 21 January 2020 and he will
remain an employee and director of the company on his existing
terms until 30 June 2020. On ceasing employment, Gilvary will be
entitled to notice pay in respect of his unserved notice
period.
- He will be eligible for an annual bonus for the 2019 financial
year in the normal way and to a pro rata annual bonus for the 2020
financial year. The amounts of these bonuses will be disclosed
respectively in the 2019 and 2020 Directors' Remuneration Reports
with 50% being deferred into shares in line with policy.
- He will be entitled to immediate payment of his accrued
pension with actuarial reduction applied to that part of his
pension which relates to his service since December 2006.
- Gilvary's share awards under BP's Executive Directors'
Incentive Plan (EDIP) will be preserved in accordance with the good
leaver provisions of the EDIP. Information relating to the vesting
of shares under the EDIP will be updated in the 2019, 2020, 2021
and 2022 Directors' Remuneration Reports.
- The above information is provided pursuant to section 430 (2B) of the Companies Act 2006
Further information:
BP press office: +44 (0)20 7496 4076, bppress@bp.com
Cautionary statement:
In order to utilize the 'safe harbor' provisions of the United
States Private Securities Litigation Reform Act of 1995 (the
'PSLRA'), BP is providing the following cautionary statement. This
press release contains certain forward-looking statements - that
is, statements related to future, not past events and circumstances
- which may relate to one or more of the financial conditions,
results of operations and businesses of BP and certain of the plans
and objectives of BP with respect to these items. These statements
are generally, but not always, identified by the use of words such
as 'will', 'expects', 'is expected to', 'aims', 'should', 'may',
'objective', 'is likely to', 'intends', 'believes', 'anticipates',
'plans', 'we see' or similar expressions. Actual results may differ
from those expressed in such statements, depending on a variety of
factors including the risk factors set forth in our most recent
Annual Report and Form 20-F under "Risk factors" and in any of our
more recent public reports.
Our most recent Annual Report and Form 20-F and other period
filings are available on our website at www.bp.com, or can be
obtained from the SEC by calling 1-800-SEC-0330 or on its website
at www.sec.gov.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
BOAGLGDBLDDDGGB
(END) Dow Jones Newswires
January 21, 2020 02:01 ET (07:01 GMT)
Bp (LSE:0HKP)
Historical Stock Chart
From Apr 2024 to May 2024
Bp (LSE:0HKP)
Historical Stock Chart
From May 2023 to May 2024