BP chief Dudley to step down after decade-long tenure
The chief executive of BP is set to step down after 10 years of leading the British energy company.
Bob Dudley is planning to retire from the role within the next 12 months, according to Sky News.
The American turned 64 this month and has held detailed discussions with BP chairman Helge Lund about his retirement plan.
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An announcement of Dudley’s decision to step down could be made by the end of October when BP announces its third-quarter results, City sources told Sky News.
It is not yet clear who could replace him, but BP’s upstream chief executive Bernard Looney and chief financial officer Brian Gilvary are among the front runners.
An announcement is likely to come next year, with the possibility of a lengthy handover period.
Dudley is the longest-serving boss of any of the world’s major oil firms and helped steer BP back from the brink during the Gulf of Mexico disaster.
He helped to rebuild the company after the Deepwater Horizon explosion and oil spill that killed 11 workers and threatened the company’s existence.
The accident cost BP around $65bn in compensation payouts and fines.
Dudley oversaw a streamlining process, selling tens of billions of pounds-worth of assets, in order to pay the bill.
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At the close of Friday’s session, BP’s market capitalisation stood at just over £106bn.
The company’s share prices has fallen by about 12 per cent in the last 12 months.
BP declined to comment.