Several major investors are reportedly advocating for BP to consider appointing an external candidate as its CEO, marking a potential departure from the company’s tradition of internal appointments throughout its 114-year history. Chief Executive Charles Woodburn of BAE Systems PLC is one strong contender for the position, according to Sky News.
Woodburn’s successful leadership during his six-and-a-half years at BAE and extensive prior experience at oilfield services firms Schlumberger N.V. and Expro Group Holdings N.V. make him an attractive candidate for the CEO role at BP. However, it remains uncertain whether Woodburn has received a formal approach from BP or headhunters representing the company.
BP has been actively searching for a new CEO since Bernard Looney’s departure in September. Looney left the company after misleading the board about personal relationships with colleagues. Murray Auchincloss, the interim CEO and former chief financial officer under Looney, is also considered a top candidate for the permanent position.
The incoming CEO of BP faces a pivotal choice on whether to continue Looney’s strategy of focusing on carbon emission reductions, renewables, and cleaner fuels. This decision is crucial as BP, with a market capitalization of $102.236 billion, dwarfs BAE Systems, valued at nearly $45.313 billion.
BP shares closed higher by 0.76% to $36.03 on Friday. The choice for the next CEO will have a significant impact on the company’s future direction and its ability to navigate the transition to a low-carbon economy.
This article was partially produced with the help of AI tools and reviewed and published by Benzinga editors.
