BP’s Kate Thomson Promoted to CFO, Joins Board

BP’s interim CFO Kate Thomson has been promoted to CFO and has joined the company’s board, the company said Feb. 2.

Thomson has worked at BP since 2004. Before her appointment as interim CFO in September, Thomson served as BP’s senior vice president of finance for production and operations.

She also has been a member of Aker BP’s board since 2016 and also serves on the boards of several BP Group companies.

“[Thomson] has a detailed understanding of BP and the energy and finance sectors, combined with deep technical expertise,” Helge Lund, BP chair, said in the press release. “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 [CEO] Murray as we continue with the execution of BP’s strategy.”

As part of Thomson’s appointment, she will be paid an annual salary of 800,000 pounds (about US$10 million) and receive a cash allowance instead of a pension equal to 20% of her base salary. Her employment agreement also includes provisions related to bonus opportunity, bonus deferral and performance shares in accordance with BP’s 2023 remuneration policy as approved by shareholders.