BP (NYSE:BP) news for Friday includes the company’s CEO, Bob Dudley, planning for retirement.
It’s worth noting that this BP news isn’t for a sudden retirement of its CEO. Rather, the company says that Dudley will be stepping down from the role after the release of its earnings report for the full year of 2019. This will come out on Feb. 4, 2020.
While the BP CEO will step down on that date, he won’t be retired just yet. Instead, Dudley will be sticking around for roughly two months. That will have him officially leaving the company on March 31, 2020.
Investors in BP stock also don’t have to worry about the company searching for a replacement CEO. It has already decided that Bernard Looney, the current Chief Executive of Upstream, will be taking over the position.
Looney will continue to serve the company in his current capacity until Feb. 5, 2020. When this date roles around, he will take over the CEO position from Dudley and will also join the BP Board of Directors.
Looney had this to say about the CEO transition plan in a BP news release.
“It has been a great pleasure to work with Bob and it is an honour to succeed him as chief executive. 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.”
BP stock was up 1.30% as of Friday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.