THE board of BP p.l.c. today announced that Brian Gilvary, BP chief financial officer (CFO), has decided to retire from the company and step down from the BP board on June 30, 2020. Mr Gilvary has had a 34-year career with BP, including over eight years as CFO.
He will be succeeded by Murray Auchincloss, currently CFO of BP’s Upstream segment, who will take up the role of BP CFO and join the board on July 1, 2020. Mr Gilvary and Mr Auchincloss will work together between now and the end of June to ensure an orderly transition.
“We will miss Brian’s financial stewardship and strategic insights,” BP chairman Helge Lund said.
“He is one of the architects of today’s BP, key to its transformation into a safer, simpler and stronger company. After a thorough selection process, the board is pleased to have chosen Murray as BP’s next CFO.
“With his international financial and commercial experience and a deep understanding of the whole group, he will play an important role as BP continues to develop in a fast-changing energy market. On behalf of the board, I would like to thank Brian for all he has done for BP and look forward to welcoming Murray to the board.”
Mr Gilvary said his career with BP has been a privilege, bringing opportunities and challenges that he could not have imagined when he 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.”
Mr Gilvary joined BP in 1986 with a PhD in mathematics from the University of Manchester. After a variety of 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 CFO and head of finance. He became BP CFO and joined the board in January 2012.
During his time as CFO he has managed some of the most complex issues to face BP: leading the rebuilding and strengthening of the group’s finances and the resolution of complex litigation after the Gulf of Mexico oil spill; managing the impacts of the oil price crash of 2014/15; and playing an integral role in evolving BP’s position in Russia.
Mr Auchincloss has served as CFO for BP’s Upstream segment since 2015. He took up the role after two years as Upstream deputy CFO and head of business development for the segment. Before this he had been head of the group chief executive’s office from 2010-13, working directly with Bob Dudley.
Mr Auchincloss first joined Amoco Canada in 1992 and his early career included financial and planning roles in Canada and the US. After a period as commercial director for BP’s Onshore North America business, from 2005-2007 he was CFO for BP’s North Sea business, including all Upstream activities in the UK and Norway. He has a degree in finance from the University of Calgary and also qualified as a Chartered Financial Analyst. He is the Deputy Director of the Aker BP board.