Integrated energy giant BP's board is reportedly favoring the election of Sir William Castell as the chairman of the firm after the retirement of Sir Peter Sutherland, according to the Independent.
The Independent reported that BP has been looking for a replacement to Sir Peter and has completed an internal benchmarking report on potential candidates. The publication reported that company sources see Sir William as the favorite for the job.
Sir William, who is the chairman of the Wellcome Trust, recently stepped down as the vice president of the global healthcare division of US-based conglomerate GE.
Sir William, as quoted by the Independent, said: BP is undertaking its selection process and I am working with my colleagues to ensure that the best candidate is selected.