BP CEO Bob Dudley to retire
BP has announced that its Chief Executive Officer, Bob Dudley, is to retire next year and that it has named Bernard Looney as Dudley's successor.
The London-headquartered oil giant said that, after a 40-year career with BP and over nine years as group chief executive, Dudley, 64, had decided to step down as group chief executive and from the BP Board following delivery of the company's 2019 full year results on 4 February 2020.
He will officially retire on 31 March 2020.
Bernard Looney, 49, who is currently chief executive of the oil major’s Upstream division, will succeed Dudley as group chief executive and join the BP Board on 5 February 2020.
BP Chairman Helge Lund said: "Bob has dedicated his whole career to the service of this industry. He was appointed chief executive at probably the most challenging time in BP's history.
Steering through Deepwater
“During his tenure he has led the recovery from the Deepwater Horizon accident, rebuilt BP as a stronger, safer company and helped it re-earn its position as one of the leaders of the energy sector.
“This company - and indeed the whole industry - owes him a debt of gratitude."
On Looney's appointment, Lund added: "As the company charts its course through the energy transition this is a logical time for a change.
“Bernard has all the right qualities to lead us through this transformational era.
“He has deep experience in the energy sector, has risen through the ranks of BP, and has consistently delivered strong safety, operational and financial performance.
“He is an authentic, progressive leader, with a passion for purpose and people and a clear sense of what BP must do to thrive through the energy transition."
40 years in the oil trade
Commenting on his retirement Dudley said: "It has been the privilege of a lifetime to serve this company and work in this industry for the past four decades.
“I have worked with so many committed people from all over the world - both inside and outside BP - and I am enormously proud of all the things we have achieved together to provide energy for the world.
“Bernard is a terrific choice to lead the company next. He knows BP and our industry as well as anyone but is creative and not bound by traditional ways of working.
“I have no doubt that he will thoughtfully lead BP through the transition to a low carbon future."
The FTSE 100-listed oil company also announced that Lamar McKay, currently deputy group chief executive, has agreed to serve as chief transition officer.
In this new role, McKay will support the Chairman and incoming group chief executive to ensure a full and orderly transfer of leadership.
He will assume this new role immediately and step down as deputy group chief executive, BP said.