BP PLC has named a new group CEO.
Bob Dudley, 64, will step down from the role and from the BP board in February 2020, and will retire March 31, according to a press release. Dudley has been group CEO since October 2010, taking over amid the aftermath of the Deepwater Horizon disaster of April 2010.
His successor, Bernard Looney, 49, will take over the group CEO role and join the board on Feb. 5. Until then, Looney remains BP's upstream CEO, a position he has held since 2016.
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.”
“As the company charts its course through the energy transition, this is a logical time for a change," Lund said in the release. "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.”