BP on Friday appointed head of upstream Bernard Looney as chief executive to suc...
) on Friday appointed head of upstream Bernard Looney as chief executive to succeed Bob Dudley when he retires next year after leading the oil and gas company back to growth from near collapse in 2010.
He has led BP through one of its periods of fastest growth in oil and gas production, with output rising up by around 20% since 2016 with the launch of more than 20 new major projects around the world and the acquisition of BHP’s portfolio of U.S. shale assets this year for $10.5 billion in BP’s biggest deal in three decades.As CEO, he will be charged with continuing to adapt BP to the transition to lower carbon energy as pressure from investors to meet climate change targets grow.
FILE PHOTO: Bob Dudley, Group Chief Executive, BP, speaks at the 2019 Milken Institute Global Conference in Beverly Hills, California, U.S., April 29, 2019. REUTERS/Lucy Nicholson/File PhotoDudley will step down as CEO after the company’s full-year results on February 4 2020 and will retire on March 31, BP said.
Preparations for Dudley’s departure were accelerated after Helge Lund became BP chairman in January with a mandate to oversee succession plans. He has had to navigate a vast asset disposal to pay for more than $60 billion in litigation and clean-up costs followed by a landmark settlement with U.S. authorities.
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