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Report: BP CEO plans to retire within 12 months

BP PLC CEO Bob Dudley plans to retire by late 2020, Sky News reported Sept. 28, citing sources.

An announcement on Dudley's retirement may be made either in October, when the oil giant reports its third-quarter results, or in 2020, the news agency said. The company did not comment.

Dudley, 64, has served as BP's top executive for the past decade, helping the company rebound from the 2010 Deepwater Horizon explosion and oil spill that killed 11 people.

No replacement has been named, but chief executive of upstream, Bernard Looney, and CFO Brian Gilvary are considered likely candidates, according to Sky News. Chairman Helge Lund is also reportedly exploring external candidates.

Dudley, who earned US$14.7 million in 2018, recently said that the company remains committed to its oil businesses despite a plan to reduce its carbon emissions by divesting oil assets.