(Correcting that Bob Dudley Will Retire In March 2020)
(Alliance News) - Oil company BP PLC on Friday said Chief Executive Bob Dudley will step down in February 2020 and will be replaced by the head of the company's Upstream unit.
Dudley, who was chief executive for nine years and spent 40 years at the company, will be replaced by Upstream CEO Bernard Looney.
Dudley will step down as CEO following the release of BP's financial 2019 full year results on February 4, then will retire on March 31, 2020.
BP Chair Helge Lund said: "Dudley 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 the latest senior executive of a major London-listed company to step down this week. His departure follows Imperial Brands PLC's Alison Cooper, Tesco PLC's Dave Lewis, Metro Bank PLC's Vernon Hill, Centamin PLC's Andrew Pardey and Standard Life Aberdeen PLC's Martin Gilbert.
Looney has been head of BP's Upstream business since April 2016 and has been in the company's executive team since November 2010.
Lamar McKay will step down as deputy chief executive to serve as chief transition officer, a new role, BP said. McKay will work with both Lund and Looney to "ensure a full and orderly transfer of leadership".
Shares in BP closed broadly flat at 484.90 pence each in London on Thursday.
By Eric Cunha; ericcunha@alliancenews.com
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