Bp PLC 6-K, filed Jan 21, 2020
Bp PLC (BP)
6-K
2020-01-21
For: 2020-01-21
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Added on
April 08, 2026
About this 6-K
Bp PLC filed this 6-K on January 21, 2020.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
Report of Foreign Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
for the
period ended 21
January, 2020
BP p.l.c.
(Translation
of registrant's name into English)
1 ST JAMES'S SQUARE, LONDON, SW1Y 4PD, ENGLAND
(Address
of principal executive offices)
Indicate
by check mark whether the registrant files or will file
annual
reports
under cover Form 20-F or Form 40-F.
Form
20-F |X| Form 40-F
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Indicate
by check mark whether the registrant by furnishing the
information
contained
in this Form is also thereby furnishing the information to
the
Commission
pursuant to Rule 12g3-2(b) under the Securities Exchange Act
of
1934.
Yes No
|X|
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press release
21 January 2020
BP chief financial officer Brian Gilvary to retire
and be succeeded by Murray Auchincloss
The board of BP p.l.c. today announced that Brian Gilvary, BP chief
financial officer (CFO), has decided to retire from the company and
step down from the BP board on 30 June 2020. Gilvary has had a
34-year career with BP, including over eight years as
CFO.
He will be succeeded by Murray Auchincloss, currently CFO of BP's
Upstream segment, who will take up the role of BP CFO and join the
board on 1 July 2020. Gilvary and Auchincloss will work together
between now and the end of June to ensure an orderly
transition.
BP chairman Helge Lund said: "We will miss Brian's financial
stewardship and strategic insights. He is one of the architects of
today's BP, key to its transformation into a safer, simpler and
stronger company. After a thorough selection process, the board is
pleased to have chosen Murray as BP's next CFO. With his
international financial and commercial experience and a deep
understanding of the whole group, he will play an important role as
BP continues to develop in a fast-changing energy market. On behalf
of the board, I would like to thank Brian for all he has done for
BP and look forward to welcoming Murray to the board."
Bob Dudley, BP group chief executive said: "I have worked closely
with Brian for more than two decades and have always valued his
financial expertise, strategic guidance and his unwavering
dedication to the company. It is difficult to overstate the
contribution he has made to BP: few CFOs have faced challenges of
the scale that he has, and far fewer have managed them as
successfully. As now we both approach retirement, I will miss
working with him."
Brian Gilvary said: "My career with BP has been a privilege,
bringing opportunities and challenges that I could not have
imagined when I first started out. But now is the right time to
move on: BP is in good shape - strong and ready to face the future
with new leadership. I am especially proud of the talented and
diverse team of people we have built and all that we have achieved
together - I'm certain BP will be in good hands."
Bernard Looney, currently chief executive Upstream and BP group
chief executive from 5 February 2020, said: "All of us at BP will
greatly miss Brian's clarity of thought, his candour and his
commitment to the company. I appreciate that he has agreed to stay
in post until mid-year to ensure a successful handover to Murray. I
have worked side-by-side with Murray for many years and have the
utmost confidence in his ability to step into this critical
role."
Brian Gilvary
Gilvary joined BP in 1986 with a PhD in mathematics from the
University of Manchester. After a variety of commercial and
financial roles internationally in BP's upstream, downstream and
trading businesses, he became chief executive of BP's integrated
supply and trading function in 2005 and in 2010 deputy CFO and head
of finance. He became BP CFO and joined the board in January
2012.
During his time as CFO he has managed some of the most complex
issues to face BP: leading the rebuilding and strengthening of the
group's finances and the resolution of complex litigation after the
Gulf of Mexico oil spill; managing the impacts of the oil price
crash of 2014/15; and playing an integral role in evolving BP's
position in Russia.
Gilvary is a non-executive director of Air Liquide, the Royal Navy
Board and the Francis Crick Institute. Recognised for his
leadership in governance and finance issues, since 2018 he has
chaired the 100 Group of FTSE 100 Finance Directors. A Great
Britain Age Group Triathlete, he has been a strong advocate of BP's
support of the Paralympic movement.
Murray Auchincloss
Auchincloss has served as CFO for BP's Upstream segment since 2015.
He took up the role after two years as Upstream deputy CFO and head
of business development for the segment. Before this he had been
head of the group chief executive's office from 2010-13, working
directly with Bob Dudley.
Auchincloss first joined Amoco Canada in 1992 and his early career
included financial and planning roles in Canada and the US. After a
period as commercial director for BP's Onshore North America
business, from 2005-2007 he was CFO for BP's North Sea business,
including all Upstream activities in the UK and Norway. He has a
degree in finance from the University of Calgary and also qualified
as a Chartered Financial Analyst. He is the Deputy Director of the
Aker BP board.
Notes to editors
·
The
company confirms there is no further information to be disclosed
under the requirements of listing rule 9.6.13R in relation to
Murray Auchincloss's appointment.
·
Details
of Auchincloss's remuneration and the details of the arrangements
that will apply to Brian Gilvary's retirement are set out
below.
Murray Auchincloss remuneration arrangements:
Full details of Murray Auchincloss's remuneration will be included
in the 2020 Directors' Remuneration Report, following his
appointment to the Board on 1 July 2020. His remuneration package
will include:
-
Annual
salary of £695,000.
-
Provisions
relating to bonus opportunity, bonus deferral and performance
shares as an Executive Director are all in accordance with BP's
2017 remuneration policy as approved by shareholders.
-
Auchincloss
will be entitled to a cash allowance in lieu of pension equal to 15
per cent of base salary. For the purposes of his deferred pension
calculation, base salary and service will be frozen as at 30 June
2020.
Brian Gilvary retirement arrangements:
-
Brian
Gilvary's service contract provides for a twelve months' notice
period. Notice commenced on 21 January 2020 and he will remain an
employee and director of the company on his existing terms until 30
June 2020. On ceasing employment, Gilvary will be entitled to
notice pay in respect of his unserved notice period.
-
He
will be eligible for an annual bonus for the 2019 financial year in
the normal way and to a pro rata annual bonus for the 2020
financial year. The amounts of these bonuses will be disclosed
respectively in the 2019 and 2020 Directors' Remuneration Reports
with 50% being deferred into shares in line with
policy.
-
He
will be entitled to immediate payment of his accrued pension with
actuarial reduction applied to that part of his pension which
relates to his service since December 2006.
-
Gilvary's
share awards under BP's Executive Directors' Incentive Plan (EDIP)
will be preserved in accordance with the good leaver provisions of
the EDIP. Information relating to the vesting of shares under the
EDIP will be updated in the 2019, 2020, 2021 and 2022 Directors'
Remuneration Reports.
-
The
above information is provided pursuant to section 430 (2B) of the
Companies Act 2006
Further information
BP
press office: +44 (0)20 7496 4076,
bppress@bp.com
Cautionary statement
In
order to utilize the 'safe harbor' provisions of the United
States Private Securities Litigation Reform Act of 1995 (the
'PSLRA'), BP is providing the following cautionary
statement. This press release contains certain forward-looking
statements - that is, statements related to future, not past
events and circumstances - which may relate to one or more of
the financial conditions, results of operations and businesses
of BP and certain of the plans and objectives of BP with respect
to these items. These statements are generally, but not
always, identified by the use of words such as 'will',
'expects', 'is expected to', 'aims', 'should', 'may',
'objective', 'is likely to', 'intends', 'believes',
'anticipates', 'plans', 'we see' or similar expressions.
Actual results may differ from those expressed in such
statements, depending on a variety of factors including
the risk factors set forth in our most recent Annual Report
and Form 20-F under "Risk factors" and in any of our more
recent public reports.
Our most recent Annual Report and Form 20-F and other period
filings are available on our website at www.bp.com, or can be
obtained from the SEC by calling 1-800-SEC-0330 or on its
website at www.sec.gov.
This information is provided by RNS, the news service of the London
Stock Exchange. RNS is approved by the Financial Conduct Authority
to act as a Primary Information Provider in the United Kingdom.
Terms and conditions relating to the use and distribution of this
information may apply. For further information, please
contact rns@lseg.com or
visit www.rns.com.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.
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BP
p.l.c.
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(Registrant)
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Dated: 21 January
2020
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/s/ Ben
J. S. Mathews
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Ben J.
S. Mathews
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Company
Secretary
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