BP is close to confirming Kate Thomson as its permanent chief financial officer (CFO), reported Reuters, citing sources.

Thomson’s appointment would complete a significant leadership reshuffle initiated by Bernard Looney’s resignation last September.

Last week, bp named interim boss Murray Auchincloss as its new permanent CEO.

The CFO’s appointment is set to be finalised before the oil giant reports its full-year results on 6 February 2024, according to a source familiar with the process.

Thomson, who has been with bp for nearly two decades, stepped into the interim CFO role shortly after Auchincloss took charge when Looney stepped down.

Looney’s departure was prompted by his failure to disclose past relationships with employees.

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By GlobalData

Thomson’s experience includes leading the finances of bp’s oil and gas production and operations division, positioning her as a seasoned candidate for the CFO position.

Auchincloss, aged 53 years, previously served as CFO under Looney and has committed to maintaining bp’s strategy towards energy transition since taking over as CEO.

However, bp’s shares have lagged behind those of its competitors since Looney’s exit, fuelling speculation about the company’s vulnerability to a takeover amidst a flurry of industry consolidation.

The new CEO also confronts the task of navigating bp through the reputational damage associated with Looney’s exit.

On being appointed permanent CEO, Auchincloss said: “It iss an honour to lead bp – this is a great company with great people. Our strategy – from international oil company to integrated energy company – does not change. I am convinced about the significant value we can create.

“Now, more than ever, our focus must remain on delivery – operating safely and efficiently, executing with discipline and always focusing on returns. This is how we will deliver real benefits for our customers and other stakeholders and continue to grow long-term value for bp’s shareholders.”