Home Estate Planning Oil giant BP names first female CFO ahead of 2023 results

Oil giant BP names first female CFO ahead of 2023 results

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UK oil supermajor BP has appointed Kate Thomson as chief financial officer, who becomes the first woman to hold the position at the firm.

Since September last year, Thomson served as interim chief financial officer when the previous incumbent-now chief executive Murray Auchincloss stepped up to the interim leader position.

Thomson will earn an annual salary of £800,000 plus bonus eligibility and a cash allowance in lieu of pension equal to 20 per cent of the base salary.

Thomson said: “It’s a privilege to become CFO and to join BP’s board. 

“We’ve made great progress through the past few years in strengthening BP, and I have no doubt this will continue, I’m excited about how we can continue to drive focus on delivery and growing value as we work towards hitting our targets for 2025.”

Helge Lund, BP’s chair, said that Thomson’s “record of finance leadership together with her performance as interim CFO have clearly demonstrated her suitability” for the role.

The announcement comes the day after BP’s direct UK competitor Shell beat 2023 expectations with a $26bn profit for 2023 and the same day as U.S. oil supermajors Chevron and Exxon announced their second-highest profits in a decade.

BP’s leadership team has taken on a different look since the departure of former chief Bernard Looney in September last year.

Murray Auchincloss was minted in the permanent chief executive role last month and was described as the “best possible outcome” by analysts to a search that reportedly considered the firm’s head of trading and shipping Carol Howle and head of customers and products Emma Delaney as well as several external candidates.

BP will report its fourth quarter and full-year results on Tuesday 6th February.

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