BP says CEO Bob Dudley to step down in 2020

BP says CEO Bob Dudley to step down in 2020

The board of BP announced Friday that Bob Dudley has made a decision to step down as group chief executive and member of the board on February 4, 2020 and will retire on March 31, 2020.

Deepwater Horizon, a drilling rig in the Gulf of Mexico, exploded and sank in 2010, killing 11 employees and spilling an estimated 210 million gallons of oil into the Gulf - the largest marine oil spill at any time and largest environmental catastrophe in U.S. background.

AJ Bell investment director Russ Mould says: 'Oil major BP's parting of the ways with chief executive Bob Dudley was not hard to predict as he becomes the latest in a succession of FTSE 100 bosses to depart.

Dudley became CEO soon after the Deepwater Horizon oil spill in the Gulf of Mexico, an environmental catastrophe that killed 11 workers. The accident cost BP billions to settle, sparking fears that the oil major could face bankruptcy.

Deputy CEO Lamar McKay has agreed to take a new role as chief transition officer, supporting the chairman and incoming CEO, BP said in a statement.

Dudley, 64, has been CEO for the last decade.

Dudley called Looney "a terrific choice" to "thoughtfully lead BP through the transition to a low carbon future".

BP, under Dudley, was also working closely with Reliance to develop India's gas resources.

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Commenting on the announcement, BP Chairman Helge Lund said: "As the company charts its course through the energy transition this is a logical time for a change". He has steered the company into new countries including Mauritania and Senegal, and spearheaded the acquisition of US assets from BHP Group Ltd. past year.

Looney, 49, has run BP's upstream business since April 2016 and is responsible for all oil and gas exploration, development and production.

The news "should not come as a surprise to the market given Mr. Looney's role in modernizing the upstream for BP and driving the digital agenda", analysts at Barclays Plc said in a note.

"Bernard has all the right qualities to lead us through this transformational era", said Lund.

BP boss Bob Dudley will step down as chief executive nearly a decade after steering the oil major back from the brink of collapse following the Deepwater Horizon disaster.

Looney will receive an annual salary of £1.3 million, which does not include bonuses.

Mr Looney, a BP lifer, said: "I look forward to. building on the strong foundation that Bob has built as we meet society's demand for cleaner, better energy".

'He is an authentic, progressive leader, with a passion for goal and people and a clear sense of what BP must do to thrive through the energy transition'.

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