BP announced on Friday that its Group Chief Executive Robert Dudley would resign in 2020, with Bernard Looney, the chief executive of the Upstream project, pegged to assume his seat.
"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", according to a press release from BP.
In the meantime, Deputy Group Chief Executive Lamar McKay has agreed to serve as a Chief Transition Officer.
"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", BP Chairman Helge Lund said, as quoted in the statement.
Dudley was appointed as the head of the company in October 2010 after leading cleanup efforts after the oil leakage in the Gulf of Mexico. The spill affected 5 US states and challenged BPs position, causing the resignation of the previous chief executive Tony Hayward.