The Board of BP have announced that, after a 40-year career with the company and over nine years as group chief executive, Bob Dudley, 64, has decided to step down as the group’s chief executive and from the BP Board following delivery of the company’s 2019 full year results on 4 February 2020 and will retire on 31 March 2020.
The Board also announced that Bernard Looney, 49, currently chief executive, Upstream, will succeed Dudley as group chief executive and join the BP Board on 5 February 2020. Looney will continue in his current role until this date.
Commenting on the announcement, 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. 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.”
Dudley is set to receive up to £40m in shares – of which he owns around 8.3 million of them.