Facebook

Bob Dudley steps down as CEO of BP

Summary

BP CEO Bob Dudley on stepping down as CEO, sustainable investing and more Description video: Bob Dudley, CEO of BP, joins \”Squawk Box\” at the World Economic Forum in Davos to discuss the energy market, sustainable investing, his decision to […]

BP CEO Bob Dudley on stepping down as CEO, sustainable investing and more

Description video:
Bob Dudley, CEO of BP, joins \”Squawk Box\” at the World Economic Forum in Davos to discuss the energy market, sustainable investing, his decision to step down as CEO and more.\n\nFor access to live and exclusive video from CNBC subscribe to CNBC PRO: https://www.cnbc.com/pro/?__source=youtube\n \n» Subscribe to CNBC TV: https://cnb.cx/SubscribeCNBCtelevision\n» Subscribe to CNBC: https://cnb.cx/SubscribeCNBC\n» Subscribe to CNBC Classic: https://cnb.cx/SubscribeCNBCclassic\n \nTurn to CNBC TV for the latest stock market news and analysis. From market futures to live price updates CNBC is the leader in business news worldwide.\n \nConnect with CNBC News Online\nGet the latest news: http://www.cnbc.com/\nFollow CNBC on LinkedIn: https://cnb.cx/LinkedInCNBC\nFollow CNBC News on Facebook: https://cnb.cx/LikeCNBC\nFollow CNBC News on Twitter: https://cnb.cx/FollowCNBC\nFollow CNBC News on Instagram: https://cnb.cx/InstagramCNBC\n \n#CNBC\n#CNBC TV

Bob Dudley steps down as CEO of BP

Bob Dudley, chief executive of oil giant BP, will step down next February after spending more than nine years at the helm..
BP announced this in a statement on its website, which also said that 49-year-old Bernard Looney, currently the CEO of BP’s oil production and distribution business, will replace Dudley in the position..

«It has been a lifelong privilege to serve this company and work in this industry for the past four decades.», – quoted in the statement by Dudley’s words.

Dudley, who has been with the company for over 40 years, is credited with helping BP recover from the disastrous 2010 Gulf of Mexico oil spill..

«During his tenure, he oversaw the recovery from the Deepwater Horizon disaster, restored BP as a stronger and safer company and helped it regain its position as one of the leaders in the energy sector.», – said in a statement.

Dudley helped BP avoid bankruptcy, the company had to pay more than $ 60 billion in legal proceedings and liquidation of the consequences of the accident.

BP CEO Helge Lund said «the company – and the entire industry – owes him [Dudley]». Dudley noted: «Bernard is a great choice to take the lead further. He knows BP and our industry as he does everyone else, but he is creative and not bound by traditional ways of working. I have no doubt that he will thoughtfully lead BP towards a low carbon future.».

BP, like other oil companies, is now under increasing pressure to understand responsibility for its role in climate change and global warming as eco-activists push the company to cut emissions in line with the 2015 Paris Climate Agreement.

Lund added that Looney will guide BP through «energy transition».

Looney, 49, will remain in office until February 5, after which he will take over from Dudley and take over as CEO of BP..

Bob Dudley steps down as CEO of BP

BP shares rose nearly 1% on news.