BP appoints new CFO as Bernard Looney prepares to take over as chief executive [Toronto Globe and Mail (Ontario, Canada)]
BP p.l.c. (BP)
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Source: Toronto Globe and Mail
BP’s finance chief Brian Gilvary is to step down in June after eight years in the role and will be replaced by a close ally of Bernard Looney who takes over as chief executive next month. Murray Auchincloss, currently finance head of BP’s upstream division, will become BP’s chief financial officer on July 1, the company said on Tuesday. Gilvary has been credited with overseeing BP’s financial recovery following the 21 deadly Gulf of Mexico oil spill which has cost the company more than $65 billion in fines, indemnities and clean up costs. Story continues below advertisement The London-based company saw its profits recover sharply in recent years, allowing it to remove the scrip dividend last year, an austerity measure on shareholder payouts. However, in October, Gilvary appeared to backtrack on a previous hint that the company would boost its dividend payouts, angering investors. His departure comes earlier than anticipated and as Looney, who will replace Bob Dudley as chief executive
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