Some of BP’s largest shareholders have urged it to method Charles Woodburn, the BAE Systems chief government, about turning into the FTSE-100 oil behemoth’s subsequent boss.
Sky News has learnt that a number of giant traders consider that BP ought to goal the appointment of an exterior candidate as its CEO for the primary time in its 114-year historical past.
One mentioned that Dr Woodburn was “an obvious candidate” for the job, given BAE’s success throughout his six-and-a-half 12 months tenure and his prolonged earlier profession on the oilfield providers corporations Schlumberger and Expro Group.
It was unclear this weekend whether or not Dr Woodburn had been formally approached by BP or headhunters appearing for the corporate, though a number of sources mentioned they understood that he had been sounded out in current weeks.
Dr Woodburn’s receptiveness to an method from the oil firm was additionally unclear.
A BAE spokesperson mentioned on Saturday: “Charles is chief executive of BAE Systems and we have no comment on BP personnel matters.”
BP has been engaged in a seek for a brand new CEO since Bernard Looney was compelled out of the corporate in September after deceptive its board about private relationships with colleagues.
Last month, the corporate mentioned it had scrapped greater than £32m in potential funds to Mr Looney, together with greater than £1m that he was instructed to repay to BP.
The interim CEO, Murray Auchincloss, who served as chief monetary officer below Mr Looney, is thought to be a number one contender to land the job on a everlasting foundation.
Reuters reported in December that Carol Howle, BP’s head of buying and selling and delivery, and Emma Delaney, head of shoppers and merchandise, have been the opposite inner candidates for the job.
If both took the position, they might be the primary girl to run one in every of Britain’s oil majors.
Egon Zehnder International, the search agency, is advising BP’s board on the recruitment course of.
BP’s subsequent chief government can be confronted with the choice about whether or not to pursue the technique set out by Mr Looney, which includes transitioning BP in direction of steep cuts in carbon emissions and rising its renewables and cleaner fuels companies.
With a market capitalisation of £81.1bn, BP is greater than double the scale of BAE Systems, which has a market worth of near £35bn.
The BP course of isn’t the primary time that Dr Woodburn has been linked with a transfer away from BAE, which he joined as chief working officer in 2016.
In 2021, BAE handed him a seven-figure ‘golden handcuffs’ share award to maintain him on the firm after he was provided the prospect to develop into chief government of Rio Tinto, the London-listed miner.
That award vested final 12 months.
Since the Rio method, BAE’s shares have greater than doubled, aided by the corporate’s hovering gross sales within the wake of Vladimir Putin’s invasion of Ukraine.
BP confirmed that the recruitment course of for its subsequent CEO was ongoing, however declined to touch upon potential candidates.
Helge Lund, the BP chairman, has signalled that each inner and exterior candidates are being thought-about.
Source: information.sky.com”