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(Sharecast News) - BP announced on Tuesday that its chief financial officer Brian Gilvary has decided to retire from the company and step down from its board on 30 June, having had a 34-year career with the company, including more than eight years as CFO.
The FTSE 100 oil major said he would be succeeded by Murray Auchincloss, who is currently CFO of its upstream segment, and would take up the role of BP CFO and join the board on 1 July.
It added that Gilvary and Auchincloss would work together between now and the end of June to ensure an orderly transition.
"We will miss Brian's financial stewardship and strategic insights," said chairman Helge Lund.
"He is one of the architects of today's BP, key to its transformation into a safer, simpler and stronger company."
Lund said that, after a "thorough selection process", the board was "pleased" to have chosen Auchincloss as its 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, added that he had worked closely with Gilvary for more than two decades, and had 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 himself said that his career with BP had been "a privilege", bringing opportunities and challenges that he did not imagine when he first started.
"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 of upstream and group chief executive from 5 February, said the entirety of the company would "greatly miss" Gilvary.
"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."
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