BP group chief executive Bob Dudley will step down to retire from his role and from the board of directors in early 2020, the British energy company announced in a statement on Friday.
After 40 years with BP, Dudley, who is 64, is set to retire on March 31, 2020 after the company's announcement of its 2019 full-year results on Feb. 4, 2020, according to the statement.
American-born Dudley took over the daily operations of the company from former chief executive Tony Hayward when a blowout in Deepwater Horizon offshore drilling rig in April 2010 caused a major oil spill in the U.S. Gulf of Mexico, which killed 11 workers and cost BP around $65 billion.
"He was appointed chief executive at probably the most challenging time in BP’s history," chairman Helge Lund commented in the statement on Dudley who served more than nine years as group chief executive.
"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," he added.
Bernard Looney, 49, who is BP's chief executive for Upstream, will succeed Dudley as group chief executive and join the board on Feb. 5, 2020, according to the statement.
Dudley said Looney will "thoughtfully lead BP through the transition to a low carbon future," as the company undergoes its energy transition with a greater focus on clean energy.
By Ovunc Kutlu