Selloff or Market Correction? Either Way, Here's What to Do NextSee Overvalued Stocks

BP investors want oil firm to approach BAE chief as CEO- Sky News

Published 01/06/2024, 08:31 AM
Updated 01/06/2024, 08:35 AM
© Reuters. FILE PHOTO: The logo of British multinational oil and gas company BP is displayed at their booth during the LNG 2023 energy trade show in Vancouver, British Columbia, Canada, July 12, 2023. REUTERS/Chris Helgren//File Photo
BAES
-
BP
-

(Reuters) -Some of BP (NYSE:BP)'s largest shareholders have urged the company to approach BAE Systems (LON:BAES) Chief Executive Charles Woodburn about becoming the British oil giant's next boss, Sky News reported on Saturday, citing unidentified sources.

Several large investors believe that BP should target the appointment of an external candidate as its CEO, according to the report.

It is unclear whether Woodburn had been formally approached by BP, according to Sky, adding he had been sounded out in recent weeks.

"Charles is chief executive of BAE Systems and we have no comment on BP personnel matters," a BAE Systems spokesperson said.

BP was thrown into turmoil after Chief Executive Bernard Looney resigned on Sept. 12 for failing to disclose relationships with employees, leaving no clear succession plan in place.

© Reuters. FILE PHOTO: The logo of British multinational oil and gas company BP is displayed at their booth during the LNG 2023 energy trade show in Vancouver, British Columbia, Canada, July 12, 2023. REUTERS/Chris Helgren//File Photo

BP's board has short-listed interim CEO Murray Auchincloss and two senior female executives as internal candidates to replace Looney, three company and industry sources told Reuters last month.

"The process to appoint BP's next CEO is ongoing. We won't comment on speculation regarding potential candidates," a spokesperson for BP said when asked about the Sky report.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.