BP’s board of directors announced today CEO Bob Dudley will retire on March 31, 2020 and will be succeeded by Bernard Looney – who currently heads BP’s Upstream, Kallanish Energy reports.
Dudley decided to step down as group chief executive and from the BP Board following delivery of the company’s 2019 full year results on Feb. 4, 2020. His 40-year career at the British oil major, nine of which as CEO, will be ended with a feeling of accomplishment.
BP chairman Helge Lund noted that Dudley dedicated his whole career to the service of the industry and was appointed as BP CEO at probably the most challenging time in BP’s history.
“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,” Lund said. “This company – an indeed the whole industry – owes him a debt of gratitude.”
After a “comprehensive and deliberate search process” led by Lund, it was decided Looney was the man to take the helm.
“As the company charts its course through the energy transition this is a logical time for a change. Bernard has the right qualities to lead us through this transformational era,” Lund said.
Commenting on the announcement, Dudley said: “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.”
Dudley added he’s “enormously proud of all the things we have achieved together to provide energy for the world.”
The transition period will be done with the help of Lamar McKay, currently deputy group chief executive. He will serve as chief transition officer and support the chairman and Looney to ensure a full and orderly transfer of leadership. McKay will assume the role immediately, and therefore, will step down as deputy CEO.
Looney said it has been a “great pleasure” to work with Dudley and “an honor” to succeed him.
“I’m humbled by the responsibility that is being entrusted to me by the board and am truly excited about both the role and BP’s future,” Looney said, adding BP has a desire to do better.
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