Bernard Looney to be BP’s CFO

In a statement, BP stated, Brian Gilvary, its finance chief who will be stepping down in June 2020 after eight years of service in the company, will be replaced by Bernard Looney, who incidentally will become the company’s chief executive next month.

On Tuesday, BP had said, Murray Auchincloss, who is currently the head of finance at BP’s upstream division, will become its chief financial officer on July 1, 2020.

Gilvary has been credited with overseeing BP’s financial recovery following the 2010 Gulf of Mexico oil spill which has cost the company more than $65 billion in fines, indemnities and clean up costs.

“Gilvary’s departure may be associated with a more significant change in the company’s strategy including its financial strategy as the running of BP moves to a new top team,” said Panmure Gordon, a stockbroker in a note.

Gilvary’s departure may also be associated with “problematic guidance over dividend”, a view which BP later rejected as “not true”, said Gordon.

Gilvary, an avid triathlete who joined BP in 1986, is set to step down from the board on June 30, 2020.

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