Dive Brief:
- BP has been urged by “several large investors” to consider naming Charles Woodburn, CEO of British aerospace company BAE Systems, as the oil company’s new CEO, according to a Jan. 6 report from Sky News.
- The report noted that while it’s unclear if BP has formally approached Woodburn or not, unnamed sources indicated that the executive had been “sounded out in recent weeks” regarding the position.
- BP has been searching for a new CEO since former leader Bernarnd Looney resigned in September after misleading the company’s board about a past personal relationship with a colleague. Former CFO Murray Auchincloss has been serving as interim CEO.
Dive Insight:
A source told Sky News that Woodburn was “an obvious candidate” for the position not only because of his success as BAE’s CEO since 2017, but because of his previously aligned experience.
Prior to joining BAE, Woodburn held several senior leadership positions in the oil and gas industry, including CEO of oilfield services firm Expro Group, according to his LinkedIn bio. He also worked for oilfield services company Schlumberger for 15 years.
Beyond noting shareholder support for Woodburn, the report also stated that some large BP shareholders are specifically pushing for an external candidate to take over as CEO of BP for the first time in company history.
A December report from Reuters indicated that BP was considering both external and internal candidates for its top position. Internal candidates on the company’s shortlist at the time included Auchincloss; Carol Howle, BP’s executive vice president of trading and shipping; and Emma Delaney, executive vice president of customers and products, according to the report.
Sky News’ recent report indicated that Auchincloss is regarded as a leading contender to land the job on a permanent basis.
A spokesperson from BP did not respond by press time to comment on its shareholders’ push for Woodburn to become CEO.
Looney’s departure back in September created an opening at the top of one of the most notable oil, gas and convenience retailing companies in the world. Looney led BP through its $1.3 billion acquisition of TravelCenters of America last March, which marked a major milestone in the company’s re-entry into fully owned and operated c-stores. The company had left that sector in the early 2000s.
London-based BP owns a variety of convenience retailing brands across the U.S. Besides its own branded stores, BP’s umbrella also includes Amoco, Ampm, Thorntons and TravelCenters of America. Its U.S. headquarters are in Houston.
