BP’s finance chief steps down after 34 years at oil giant
After 34 years at the company, BP’s chief financial officer Brian Gilvary today announced his retirement from the oil major.
Gilvary, who has been in his post for eight years, will be succeeded by Murray Auchincloss, who currently holds the same job in BP’s upstream division.
Auchinloss will join the board on 1 July and will work with Gilvary in the lead up to his departure. He will be paid £695,000 for the role.
Gilvary had been considered a candidate to takeover from chief executive Bob Dudley, but the top job went to Bernard Looney, head of BP’s oil and gas production business.
Chairman Helge Lund paid tribute to the outgoing Gilvary, saying: “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.”
During his time at BP, Gilvary was responsible for several of the most complex issues the oil giant has ever faced, including the Gulf of Mexico spill in 2010.
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.
Sign up to City PM’s Midday Update newsletter, delivered to your inbox every lunchtime
“It is difficult to overstate the contribution he has made to BP: few have faced challenges of the scale that he has, and far fewer have managed them as successfully.”
Gilvary joined BP in 1986 and has spent his whole working life at the company, with 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 chief financial officer and head of finance. He joined the board in January 2012.
He 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.”