BP’s chief financial officer Brain Gilvary is to leave the firm as the changing of the guard at the company continues.

The oil and gas giant said Mr Gilvary had decided to retire from the company and would step down from its board on June 30.

The news was announced three months after BP said the head of its exploration and production arm, Bernard Looney, would succeed Bob Dudley as chief executive.

North Sea veteran to lead BP through 'transformational' era

Mr Gilvary will be succeeded by North Sea veteran Murray Auchincloss, who will be on a basic salary of £695,000.

Mr Auchincloss has been chief financial officer of BP’s exploration and production arm since 2015 and has worked closely with Mr Looney.

Mr Gilvary has spent 34 years at BP, including eight as chief financial officer.

He played a key role in helping BP deal with the financial consequences of the disastrous spill on its acreage in the Gulf of Mexico in 2010. This left the firm facing bills of more than $65 billion.

The challenges were compounded by the crude price plunge from 2014.

Oil giant BP in $625m North Sea deal

BP has sold off a raft of North Sea assets in recent years to help it raise cash.

Its chairman Helge Lund said: “We will miss Brian’s financial stewardship and strategic insights. He is one of the architects of today’s BP, key to its transformation into a safer, simpler and stronger company.”

Mr Lund said Mr Auchincloss would bring international financial and commercial experience and a deep understanding of the whole BP group to his new post, which he will take up on July 1.

A graduate of the University of Calgary, Mr Auchincloss joined BP in 1992.

He was CFO of BP’s North Sea business from 2005 to 2007.

Mr Looney will take over from Mr Dudley on February 5.

Mr Gilvary, 57, said: “My career with BP has been a privilege, bringing opportunities and challenges that I could not have imagined when I first started out. But now is the right time to move on: BP is in good shape – strong and ready to face the future with new leadership.”

He earned total remuneration of around £8 million in 2018.