BP downstream chief Erginbilgic to leave company

London — BP downstream CEO Tufan Erginbilgic is to leave the company, the UK oil and gas major said Friday, in an early change at the top after new CEO Bernard Looney took up his post this week.

BP did not name a replacement, saying in a statement that Erginbilgic had "decided to leave the company" at the end of March 2020 and that a successor would be announced separately.

Looney praised the outgoing executive's record and BP said Erginbilgic had delivered over $5 billion in underlying annual earnings growth since taking up the role in 2014.

"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," Looney said. "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."

Erginbilgic, who has been with BP since 1997, said he was "very proud of what we have achieved together in the downstream. We have gone through an incredible transformation, delivered against our clear strategy and built a strong platform for continued growth."

BP reported sharply weaker adjusted earnings in its downstream segment in the fourth quarter, and noted ongoing tough conditions in the current quarter.

Looney is due to set out some of his goals at an event with journalists on February 12.