Major BP investors pushing for BAE chief to be next CEO
Several major investors in BP have reportedly urged the oil and gas giant to approach Charles Woodburn, boss of defence firm BAE Systems, about becoming its next chief executive.
BP, which is the FTSE 100’s fifth-largest firm by market capitalisation, is currently looking for a new CEO after Bernard Looney was forced to reign in September due to a lack of transparency over previous relationships with colleagues.
A number of major shareholders believe BP should consider appointing the first external CEO in its 114-year history, Sky News reported.
One unnamed investor told the outlet that Woodburn, who has led BAE for more than six years, was “an obvious candidate” given his company’s success and his previous tenure at the oilfield services firms Schlumberger and Expro Group.
It is not confirmed whether Woodburn has been officially approached by BP or its headhunters, or whether he is open to leading the company.
Sky News, citing sources, reported he had been considered by BP in recent weeks.
A BP spokesperson told City PM that the CEO appointment process was ongoing but declined to comment on speculation regarding potential candidates.
BAE gave Woodburn a £2m “golden handcuffs” pay package in 2021 to stop him leaving the firm after London-listed mining giant Rio Tinto tried to poach him.
BAE’s shares have more than doubled in the last two years as the war in Ukraine has boosted its sales.
Murray Auchincloss, BP’s interim CEO who was previously chief financial officer, is seen as a leading contender for the permanent job.
Other reported candidates include Carol Howle, BP’s head of trading and shipping, and Emma Delaney, head of customers and products. Either would become the first woman to run a British oil giant if appointed.
BP’s board last month said it had scrapped a more than £32m potential pay package for Looney, noting “serious misconduct”.
Before resigning, he set out a strategy to cut BP’s carbon emissions and grow its renewables business.
A BAE spokesperson told Sky News: “Charles is chief executive of BAE Systems and we have no comment on BP personnel matters.”