BP appoints Kate Thomson as its permanent finance chief

BP announced the appointment of Kate Thomson as its new, permanent chief financial officer on Friday, effective immediately.

The FTSE 100 oil giant had appointed Thomson as its interim CFO in September, and said on Friday that alongside her new permanent role, she would be joining BP's board.

Prior to her interim CFO position, Kate Thomson was BP’s senior vice-president of finance for production and operations.

In that capacity, she oversaw the financial management and commercial partnerships for the company's global business operations.

Thomson's tenure at BP began in 2004, and included a number of senior financial roles, including group treasurer and group head of tax.

“I am delighted to confirm Kate's appointment as CFO and welcome her to the board - she has a detailed understanding of BP and the energy and finance sectors, combined with deep technical expertise,” said chair Helge Lund.

“Her record of finance leadership together with her performance as interim CFO have clearly demonstrated her suitability to become BP's permanent CFO.

“The board looks forward to working with Kate and Murray as we continue with the execution of BP’s strategy.”

Before joining BP, Kate Thomson gained experience in professional services firms, including EY, where she worked in merger and acquisition tax.

She also served as the group head of tax for Charter, and has been a member of the board of Aker BP since 2016 while holding positions on the boards of several other BP group companies.

She is a qualified chartered accountant and a member of the Institute of Chartered Accountants in England and Wales (ICAEW).

In terms of remuneration, Kate Thomson's compensation package would include an annual salary of £0.8m, bonus provisions in alignment with BP's 2023 remuneration policy, and a cash allowance equivalent to 20% of her base salary in lieu of pension, consistent with the majority of the broader UK workforce.

“It's a privilege to become CFO and to join BP's board,” said Kate Thomson.

“We've made great progress through the past few years in strengthening BP, and I have no doubt this will continue.

“I'm excited about how we can continue to drive BP's focus on delivery and growing value as we work towards hitting our targets for 2025.”

At 1440 GMT, shares in BP were down 1.94% at 456.6p.

Reporting by Josh White for Sharecast.com.