BP PLC said CEO Bob Dudley will retire on March 31, 2020, and step down from its board on Feb. 4, 2020, confirming earlier media reports.
"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," BP Chairman Helge Lund said in an Oct. 4 statement.
Dudley, who has spent 40 years with the oil major, will be succeeded by Bernard Looney, the current head of the company's upstream business, on Feb. 5, 2020. Looney will also join the BP board on the same date.
Analysts expected that an existing company executive will succeed Dudley, with Looney among the names they floated as the successor.
BP also said Lamar McKay, currently deputy group CEO, will serve as chief transition officer. In his new role, McKay will support the chairman and the incoming group CEO to ensure orderly transfer of leadership.
