Major investors in UK oil giant BP (LON:BP) are reportedly backing BAE Systems chief executive Charles Woodburn to be the next head of the company.
Sky News reported several large shareholders want BP to target an external candidate as CEO for the first time in its 114-year history to replace former head Bernard Looney.
Mr Looney resigned in September last year over allegations regarding ‘personal relationships’ with company colleagues.
BP recently confirmed Mr Looney will forfeit up to £32 million after concluding he “knowingly misled the board” over the allegations, which amounted to “serious misconduct”.
The company has been conducting a search for Mr Looney’s replacement in the weeks since and three internal candidates, including interim CEO Murray Auchincloss, are rumoured to have been shortlisted.
© Supplied by bpAs well as Mr Auchincloss, BP’s EVP trading and shipping, Carol Howle and EVP customers and products Emma Delaney are being considered.
If either Ms Howle or Ms Delaney are promoted to the top job, they would be the first female head of one of Britain’s oil majors.
Woodburn “an obvious candidate”
But one investor told Sky News that Mr Woodburn was “an obvious candidate” for the job, given the success of his tenure at BAE and his stint at oilfield services companies SLB (NYSE: SLB) and Expro Group (NYSE: XPRO).
It is unclear whether Mr Woodburn has been formally approached by BP or headhunters acting for the company, although several sources told Sky News they understood his interest had been sounded out in recent weeks.
The rumours of a move to BP are not the first time Mr Woodburn has been linked to interest from outside BAE.
In 2021, British-Australian mining giant Rio Tinto reportedly offered him the chance to become its chief executive.
In response to the rumours, a BAE spokesperson told Sky News: “Charles is chief executive of BAE Systems and we have no comment on BP personnel matters.”
Meanwhile, Sky News said BP confirmed that the recruitment process for its next CEO was ongoing, but declined to comment on potential candidates.
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