Proactive Investors - BP PLC (LON:BP) is considering both internal and external candidates in its search for a new chief executive, following the abrupt resignation of Bernard Looney.
The former CEO stepped down due to undisclosed relationships with colleagues. Chairman Helge Lund, who also chairs the nomination committee, confirmed the initiation of the selection process during a staff webcast.
Unlike the structured process that led to Looney's appointment in 2019, his sudden departure has left the company without a succession plan.
The nomination committee includes Lund, Paula Reynolds, John Sawers and Amanda Blanc, who joined this year.
Reynolds and Blanc, along with other board members, will also serve on the remuneration committee, which will determine Looney's exit compensation.
Details regarding this will be disclosed as appropriate and are typically included in the company's annual spring report.
Interim boss Murray Auchincloss has reassured employees that the company's strategy remains unchanged. Lund has ruled himself out of the running for the vacant role.
BP has yet to disclose a timeline for the selection process.