New CFO Joins BP Board

BP announced that Brian Gilvary will join the board and become the company's chief financial officer (CFO) with effect from January 1, 2012.

Byron Grote, the current CFO, will take up a new role as executive vice president, corporate business activities, on the same date. Dr. Grote will also continue as a member of the board.

BP chairman Carl-Henric Svanberg said, "I am very pleased to welcome Brian to the board. His broad experience of BP gained over the past 25 years, most recently as deputy CFO, will make him a valuable addition to the board. On behalf of the board, I would also like to thank Byron for his substantial contribution as CFO over the past nine years — I look forward to continuing to work alongside him on the board."

Bob Dudley, BP chief executive added, "I know Brian will bring his keen strategic awareness and deep technical strengths to the role of CFO. I am also particularly delighted that BP, and I personally, will continue to benefit from Byron's long experience and wise leadership."

Dr. Gilvary, 49, has been BP deputy group CFO and head of finance for nearly two years. Before taking up this role he had been chief executive of BP's commodity trading arm, Integrated Supply and Trading (IST), and, since joining BP in 1986, has previously held executive roles in a number of BP's main business segments. He has been a member of the board of TNK-BP since December 2010, having previously also served on the board from 2003 to 2005.

Dr. Grote, 63, has been BP's CFO since 2002. In his new role he will have responsibility for BP's IST, Alternative Energy and shipping businesses as well as the company's technology and remediation management activities. He joined the board of BP plc in 2000.