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(Alliance News) - BP PLC on Friday said the chief executive of its Downstream division will leave the company at the end of March.
Tufan Erginbilgic has been in the company's Downstream executive team since 2014 and joined BP in 1997. The unit includes BP's lubricants and petrochemicals fuels businesses.
BP Chief Executive Bernard Looney said: "Under Tufan's leadership, BP's Downstream has been at the heart of our return to growth; what he has achieved in this time is extraordinary. He has transformed the business, leading a team that has delivered impressive results time and again. I have always appreciated his strategic thinking, expertise and understanding of the business and will miss having him on the team."
In 2019, the Downstream unit posted underlying replacement cost profit, BP's preferred profit metric, of USD6.42 billion, a 15% drop from USD7.56 billion in 2018.
BP's full-year underlying replacement cost profit came in at USD9.99 billion, the oil major reported on Tuesday, down 21% annually but ahead of forecasts.
According to company compiled consensus from 20 analysts, 2019 RC profit was predicted to come in at USD9.50 billion.
BP shares were 1.4% lower at 468.39 pence each in London on Friday morning.
By Eric Cunha; ericcunha@alliancenews.com
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