BP announced on Friday that its Group Chief Executive Robert Dudley would resign in 2020, with Bernard Looney, the chief executive of the Upstream project, pegged to assume his seat, APA reports citing BBC.
"The Board of BP announced today that, after a 40-year career with BP and over nine years as group chief executive, Bob Dudley, 64, has decided to step down as group chief executive and from the BP Board following delivery of the company's 2019 full-year results on 4 February 2020 and will retire on 31 March 2020", according to a press release from BP.
Mr Dudley, who has spent 40 years with BP and the last nine as chief executive, will be replaced by insider Bernard Looney.
The change takes place in February after the company's full-year results.
In the meantime, Deputy Group Chief Executive Lamar McKay has agreed to serve as a Chief Transition Officer.
Dudley was appointed as the head of the company in October 2010 after leading cleanup efforts after the oil leakage in the Gulf of Mexico. The spill affected 5 US states and challenged BPs position, causing the resignation of the previous chief executive Tony Hayward.