- Push-out Score determined
- After around nine years in the position
- Praise and thanks for Dudley
- Bernard Looney taking over
- Dudley said 110 words
(exechange) — London, United Kingdom, October 4, 2019 — Bob Dudley, chief executive of BP, leaves his position. As announced by BP Plc in a news release on Friday, October 4, 2019, Robert Warren (Bob) Dudley leaves his post as chief executive officer at the oil and gas company after around nine years in the role, effective February 4, 2020.
The announcement of Bob Dudley’s move comes nine months after Helge Lund took over as Chairman of BP Plc.
Dudley leaves the company effective March 31, 2020.
Bob Dudley’s duties as CEO will be taken over by Bernard Looney, currently chief executive, Upstream of BP Plc.
Bob Dudley’s move is part of a management shake-up also involving the position of deputy group chief executive.
Dudley is the third FTSE 100 CEO this week to step down, following similar news from Imperial Brands and Tesco.
“Logical time for a change”
The management change is explained as follows. BP Chairman Helge Lund said: “As the company charts its course through the energy transition this is a logical time for a change.”
Precise information regarding Bob Dudley’s future plans was not immediately available.
“Step down”
BP said: “[A]fter 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.”
Share price decline
The announcement follows a decline in BP Plc’s share price of 22% since October 2018.
Chaired by Helge Lund
BP Plc is chaired by Helge Lund.
On April 26, 2018, BP announced that Helge Lund would join the board as a non-executive director on September 1, becoming chairman on January 1, 2019.
In the position of CEO since 2010
Bob Dudley became CEO of the Company in October 2010.
Bob Dudley joined Amoco Corporation in 1979, working in a variety of engineering and commercial posts.
Between 1994 and 1997 he worked on corporate development in Russia.
In 1997 he became general manager for strategy for Amoco and in 1999, following the merger between BP and Amoco, was appointed to a similar role in BP.
Between 1999 and 2000 he was executive assistant to the group chief executive, subsequently becoming group vice president for BP’s renewables and alternative energy activities.
In 2002 he became group vice president responsible for BP’s upstream businesses in Russia, the Caspian region, Angola, Algeria and Egypt.
From 2003 to 2008 he was president and chief executive officer of TNK-BP.
On his return to BP in 2009, he was appointed to the BP board and oversaw the group’s activities in the Americas and Asia.
During 2010 he served as the president and chief executive officer of BP’s Gulf Coast Restoration Organization in the US.
He was appointed a director of Rosneft in March 2013 following BP’s acquisition of a stake in Rosneft.
Since 2016, he has chaired the Oil and Gas Community of the World Economic Forum and is chair of the Oil and Gas Climate Initiative (OGCI).
Outside interests:
- Fellow of the Royal Academy of Engineering
- Non-executive director of Rosneft
- Member of the Tsinghua Management University Advisory Board, Beijing, China
- Member of the BritishAmerican Business International Advisory Board
- Member of the US Business Council
- Member of the US Business Roundtable
- Member of the UAE/UK CEO Forum
- Member of the Emirates Foundation Board of Trustees
- Member of the World Economic Forum (WEF) International Business Council
- Chair of the Oil and Gas Climate Initiative (OGCI)
Nationality: American and British
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding the management change on a scale of 0 to 10.
exechange reached out to BP and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 40.2019 ($).