BP CEO Hunt: Investors Push For External Candidate, BAE's Woodburn Reportedly In Spotlight

Author: Nabaparna Bhattacharya | January 06, 2024 03:13pm

Several major investors are reportedly advocating for BP (NYSE: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.

BAE Systems PLC (OTC:BAESY) Chief Executive Charles Woodburn is a strong contender for the position, Sky News reported, citing his 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.

This weekend, it remained uncertain whether Woodburn had received a formal approach from BP or headhunters representing the company, the report read. However, multiple sources indicated that he had been informally approached in the past few weeks, Sky News added.

In response, a BAE spokesperson told Sky News on Saturday, "Charles is chief executive of BAE Systems, and we have no comment on BP personnel matters."

BP has been actively searching for a new CEO following Bernard Looney's departure in September due to his misleading the board about personal relationships with colleagues.

Murray Auchincloss, the interim CEO and former chief financial officer under Looney, is considered a top candidate for the permanent position.

BP's incoming CEO faces a pivotal choice on whether to continue Looney's strategy of focusing on carbon emission reductions, renewables and cleaner fuels.

The decision comes as BP, with a market capitalization of $102.236 billion, dwarfs BAE Systems, valued at nearly $45.313 billion.

Price Action: BP shares closed higher by 0.76% to $36.03 on Friday.

Read Next: Dismantling Petro-masculinity: Can BP Challenge Big Oil's Legacy Of Hiring Male CEOs?

This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Photo: Shutterstock

 

Posted In: BAESY BP