BP names Looney as Dudley's successor

Newly appointed BP CEO Bernard Looney will take over BP's transition to lower-carbon energy as pressure from investors grows to meet targets under the Paris Climate Agreement. Image Jason Alden Bloomberg

Newly appointed BP CEO Bernard Looney will take over BP's transition to lower-carbon energy as pressure from investors grows to meet targets under the Paris Climate Agreement. Image Jason Alden Bloomberg

Despite a poor run of late for the stock, since Dudley took over on 1 October 2010, BP has achieved a total return of more than 60% as the company has returned to the dividend list and despite continuing volatility in the oil price. "Looney will continue in his current role until this date", the company said.

BP also announces that Lamar McKay, now deputy CEO, will be appointed to the newly-created role of chief transition officer.

Starting immediately, Lamar McKay, now deputy group chief executive, will serve as chief transition officer, where he will support BP Chairman Helge Lund and Looney during the leadership transfer.

Bernard Looney, chief executive officer of upstream at BP Plc, poses for a photograph at the company's head offices in London, U.K., on Monday, Feb. 25, 2019.

BP said the moves come after "a comprehensive and deliberate search process, including consideration of a range of internal and external candidates".

'While he will probably be disappointed with BP's share price performance during his nine-year tenure as the oil major's CEO, Bob Dudley will be able to look back and argue that he got three important things right, ' added Russ Mould, AJ Bell investment director. The Macondo spill resulted in a $20-billion penalty levied by the United States government, with total costs related to the incident ballooning to around $70 billion and putting the company on tenuous financial footing.

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Looney said it has been a "great pleasure" to work with Dudley and "an honor" to succeed him. "It is likely that the appointment of Mr. Looney as CEO may accelerate the journey that BP is on regarding the energy transition".

'His legacy will be a smaller more nimble company, which even now still faces enormous challenges in not only cutting its future carbon foot print, but will need to adapt to a changing energy mix, and which to all intents and purposes still has uncomfortably high debt levels, after the recent acquisition of BHP Billiton's shale assets'. The upstream unit includes some 17,000 people operating across nearly 30 countries and produces around 2.6 million BOE/D.

Bob Dudley of the British oil and gas group BP leaves the company. He led the creation of central drilling and projects functions following the Macondo incident. McKay will assume the role immediately, and therefore, will step down as deputy CEO.

He will take home a basic salary of £1.3m a year, before any bonuses.

Mr Looney grew up in Co Kerry and in 1991 gained a degree in Electrical Engineering from University College Dublin.

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