- BP's chief executive Bob Dudley is stepping down next year after running the oil company during one of the most turbulent periods in its history.
BP’s chief executive Bob Dudley is stepping down next year after running the oil company during one of the most turbulent periods in its history.
Mr Dudley – who has spent 40 years with BP – has been chief executive for nine years, taking over after the Deepwater Horizon drilling accident.
He will be replaced by BP insider Bernard Looney in February.
He is the third FTSE 100 chief this week to step down, following similar news from Tesco and Imperial Brands.
Helge Lund, BP’s chairman, said Mr Dudley “was appointed chief executive at probably the most challenging time in BP’s history”.
The Deepwater Horizon drilling accident, in the Gulf of Mexico in April 2010, killed 11 workers and caused an environmental catastrophe.
It cost the oil company more than $60bn (£49bn) and caused extensive damage to its reputation.
Mr Lund said: “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.
“This company – and indeed the whole industry – owes him a debt of gratitude”.
But there have been other controversies.
‘Creative’
In 2016, investors voted down a 20% pay increase for Mr Dudley, and only this week the Royal Shakespeare Company said it would end its partnership with BP after concerns were raised by students about the company’s impact on the environment.
In August, BP sold its last operation in Alaska but insisted this was not the result of pressure from environmental campaigners.
Mr Dudley said his successor was a “terrific choice to lead the company next”.
“He knows BP and our industry as well as anyone but is creative and not bound by traditional ways of working”.
Mr Looney, an Irish citizen, joined BP in 1991 after a degree in electrical engineering from University College Dublin.
