04 August 2014, News Wires – BP has raided the Bank of England for its new chief economist as current stats wizard Christof Ruhl prepares for live in the United Arab Emirates.
Spencer Dale, currently executive director for financial stability, strategy & risk at the bank, will join the UK supermajor in late October.
Dale is a member of the bank’s Financial Policy Committee and has previously been its chief economist, also serving for six years on its Monetary Policy Committee since joining the institution in 1989.
BP’s vice president for strategy & regions, Dev Sanyal, said: “We are delighted to have someone of Spencer’s calibre and experience for this senior, strategic position within BP.
“Spencer’s deep experience in central banking and his communications and financial markets background will be invaluable as we look to understand the future of energy markets globally.”
Dale himself commented: “I am delighted that I will be working in a critical sector for the global economy in one of Britain’s leading companies.
“I look forward to bringing my experience of macroeconomics and the public sector to the world of international energy.”
One of Dale’s key roles will involve delivery BP’s annual global energy outlook some time in the first half.
Ruhl was in May snapped up by the Abu Dhabi Investment Authority to become its first global head of research. Prior to joining BP as deputy chief economist in 2005, Ruhl was the World Bank’s chief economist in Russia and Brazil. He also previously worked as principal economist at the European Bank for Reconstruction and Development in London.