BP is unlikely to appoint a new CEO until the first quarter of 2024, potentially coinciding with the announcement of the company’s full-year earnings in February.
Reuters reported BP sources as sketching out the timeline.
An investigation into former CEO Bernard Looney is continuing. The company aims to complete this by the end of the year – and come to a resolution on a payout for the former executive.
Looney resigned from BP in September this year. The resignation followed reports that the CEO had undisclosed relationships with employees. Under BP’s code of conduct, having a relationship with someone whose “pay, advancement or management you can influence” is a conflict of interest.
A decision on payment to Looney would take into account the fact he resigned, the report said.
Reuters reported interim CEO Murray Auchincloss had privately indicated he would like to take the top job. Auchincloss was formerly BP CFO.
BP, in a statement to Reuters, said it was considering internal and external candidates for the role. The search involves BP’s board and chairman, Helge Lund.
The Financial Times, earlier this week, said that no clear candidate had emerged, despite the search going on for 10 weeks.
The company has struggled in recent months, underperforming its peers. In November, JP Morgan downgraded BP to sell. An analyst attributed the change in sentiment to BP’s “substantial” third quarter results miss.
BP America’s head Dave Lawler also left the company in September, which was another blow. Looney appointed Lawler to the North American role.