BP is to confirm interim CFO Kate Thomson in the role permanently, according to a news report.
Reuters said Ms Thomson is expected to be named ahead of BP’s full-year 2023 results on February 6.
It comes days after Murray Auchincloss, who stepped up as interim CEO after the resignation of Bernard Looney, was also made permanent.
BP said the CFO recruitment process is still ongoing.
Who is BP’s Kate Thomson?
Kate Thomson was named interim finance chief in September, the first woman to hold the role at the British energy giant.
She has been with BP for 20 years across a number of senior financial roles, including treasurer and head of group tax.
Before joining BP in 2004, she worked at professional services firms including Ernest and Young in M&A tax, and as group head of tax for Charter plc.
She has also been a member of Aker BP for seven years and serves on the board of several BP Group companies.
Earlier this week, BP published an interview with Ms Thomson discussing her role supporting BP’s working families group, and her experience developing pre-eclampsia during pregnancy.
The full interview can be found here.
What are the challenges for BP?
Aside from overcoming a reputational challenge with three out of its last four CEOs stepping down in controversy, the top challenge for BP is its share price.
Restoring investor confidence and closing the value gap with its rival Shell is top of the agenda, according to analysts.
That gap sits even higher for US rivals, however RBC said Auchincloss’ appointment as the continuity candidate was the “best possible outcome” in the short term for shareholders as he pushes on with the London-listed firm’s energy transition strategy.
Issues with its US renewables department, which has been booking sizeable impairments, and dealing with growing unrest from its 60,000-strong pensioners, are also on the agenda.
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