Robert Dudley to retire as BP Chief Executive by end of Q1, 2020

BP Chief Executive Bob Dudley will retire on 31 March 2020 and will quit the BP Board, Report informs citing the company's statement.

Bernard Looney, 49, currently chief executive, Upstream, will succeed Dudley as group chief executive and join the BP Board on 5 February 2020.

According to the statement, the Board of BP announced today that, after a 40-year career with BP and over nine years as group chief executive, Bob Dudley, 64, has 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 and will retire on 31 March 2020.

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.”

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.”