BP's Grote to stay on as finance chief

Byron Grote is extending his tenure as BP’s finance chief as the oil giant keeps a firm grip on finances, with analysts suggesting there is no stand-out candidate to replace him.

Dr Grote was believed to be stepping down this spring as he nears retirement age but Accountancy Age has learned he will now continue in his role.

Analysts have welcomed the move, which will ensure continuity at the FTSE 100 heavyweight. Peter Hitchens, a senior analyst at Panmure Gordon, said: ‘The trouble is there wasn’t really an obvious candidate to replace him. It will be seen as good news because he is seen as a safe pair of hands. You don’t want to go through an awkward transition particularly during these market conditions.’

Another analyst said: ‘Byron has been there through most of the tumultuous conditions that BP has had to face, so it makes sense for him to stay on.’

A spokesman for BP said: ‘We’re operating in some very turbulent economic times. In terms of continuity, to have somebody with the experience and capability of Dr Grote is going to be invaluable. He doesn’t expect to step down in the near future. He will seek re-election at the company AGM.’