BP PLC (BP, Financial) announced on Friday that CEO Bob Dudley is stepping down soon after the company delivers its full-year 2019 results next February.
Dudley, who has been with the British oil and gas giant for 40 years and held the top position for almost a decade, will be succeeded by Bernard Looney, who is currently the chief executive of the upstream division.
In a statement, Dudley, who will officially retire on March 31, 2020, said it was the “privilege of a lifetime” to serve as BP’s CEO.
“I have worked with so many committed people from all over the world – both inside and outside BP – and I am enormously proud of all the things we have achieved together to provide energy for the world,” he said.
He also praised Looney, calling him a “terrific choice” to lead the company.
“He knows BP and our industry as well as anyone, but is creative and not bound by traditional ways of working,” Dudley said. “I have no doubt that he will thoughtfully lead BP through the transition to a low carbon future.”
Looney said he is “honored” to be following in Dudley’s footsteps.
“I am humbled by the responsibility that is being entrusted to me by the Board and am truly excited about both the role and BP’s future,” he said. “Our company has amazing people, tremendous assets, and a set of core values that guide our actions, but most of all we have a desire to be better. I look forward to tapping into that desire and building on the strong foundation that Bob has built as we meet society’s demand for cleaner, better energy.”
With a market cap of $125.87 billion, shares of BP closed up 1.62% at $36.96 on Friday. GuruFocus estimates the stock has declined 3% year to date.
Of the gurus invested in BP as of the end of the second quarter, Barrow, Hanley, Mewhinney & Strauss has the largest stake with 0.73% of outstanding shares. Other top guru shareholders include Jim Simons (Trades, Portfolio)’ Renaissance Technologies, Ken Fisher (Trades, Portfolio), Kahn Brothers (Trades, Portfolio), Steven Cohen (Trades, Portfolio), Charles Brandes (Trades, Portfolio), Sarah Ketterer (Trades, Portfolio), Caxton Associates (Trades, Portfolio), Jeff Auxier (Trades, Portfolio), Richard Snow (Trades, Portfolio), Ray Dalio (Trades, Portfolio), Mario Gabelli (Trades, Portfolio), Mairs and Power (Trades, Portfolio), David Rolfe (Trades, Portfolio), Jeremy Grantham (Trades, Portfolio) and Tom Russo (Trades, Portfolio).
Disclosure: No positions.
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