Friday 04 October 2019 7:46 am | Updated: Tuesday 29 October 2019 8:24 am

BP CEO Bob Dudley to retire, Upstream boss Bernard Looney named successor

LONDON, ENGLAND – OCTOBER 25: Group Chief Executive of BP, Bob Dudley addresses Confederation of British Industry, (CBI), members at the annual CBI conference at the Grosvenor Hotel on October 25, 2010 in London, England. The CBI conference brings together leading politicians and business experts to discuss ways of delivering economic growth. (Photo by Dan Kitwood/Getty Images)

BP chief executive Bob Dudley will quit his post at the top of the oil giant by the end of March 2020, the company said today.

Bernard Looney will replace Dudley as CEO, leaving his current role as chief executive of Upstream.

“It has been the privilege of a lifetime to serve this company and work in this industry for the past four decades,” Dudley said. “Bernard is a terrific choice to lead the company next. He knows BP and our industry as well as anyone but is creative and not bound by traditional ways of working. I have no doubt that he will thoughtfully lead BP through the transition to a low carbon future.”

Dudley, 64, will step down from the CEO role on 4 February before retiring oin 31 March, with Looney taking the helm on 5 February.

“It has been a great pleasure to work with Bob and it is an honour to succeed him as chief executive,” Looney said. “I am humbled by the responsibility that is being entrusted to me by the board and am truly excited about both the role and BP’s future.”

Bernard Looney will take over as BP’s chief executive in February 2020 as the oil giant moves to a low carbon model (Image credit: BP)

The Upstream executive takes charge as BP attempts to shift to a low carbon energy supply.

He will earn an annual salary of £1.3m and a cash allowance of 15 per cent of his salary, in lieu of a pension.

Since taking charge of BP’s oil and gas exploration business in April 2016, Looney has overseen Upstream produce 2.6m barrels of oil a day and boosted producted 20 per cent.

His appointment as CEO comes after first joining BP as a drilling engineer in 1991.

BP chairman Helge Lund, who led the recruitment process, said: “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.”

Main image: Bob Dudley, BP CEO (credit: Getty)