Barclays’ finance chief is joining the board of BP as the oil giant overhauls its strategy and governance under a new leadership team which plans to steer it through the energy transition.
Sky News has learnt that Tushar Morzaria will be appointed as a non-executive director of BP in the coming days.
One source said it could be announced to the London Stock Exchange as soon as Friday morning.
The appointment of Mr Morzaria, an ex-JP Morgan executive who joined Barclays in 2013, will bring an experienced finance chief into BP’s boardroom.
He will join the company’s audit committee and is expected to replace Brendan Nelson, its current chairman, in that role at some point.
An insider pointed out that BP runs one of the largest oil trading businesses in the world, while Barclays is also a major player in commodities trading.
BP has shaken up its executive ranks in recent months, with Bernard Looney succeeding Bob Dudley as chief executive and Murray Auchincloss taking over from Brian Gilvary as chief financial officer.
By coincidence, Mr Gilvary recently joined the Barclays board, although his appointment there was announced several months ago.
Turbulence in oil prices and the accelerating shift away from hydrocarbons prompted BP to announce in June that it was cutting 10,000 jobs, or roughly 15% of its workforce.
Mr Looney has unveiled plans to become a net zero company by 2050, saying that “trillions of dollars will need to be invested in replumbing and rewiring the world’s energy system”.
BP and Barclays declined to comment.