Energy giant BP announces new CEO will take over in 2020

Oct. 4 (UPI) -- Multi-national oil and gas company BP said Friday CEO Bob Dudley will step down in February after 40 years with the British-based energy conglomerate.

The company said Dudley will be succeeded by Bernard Looney on Feb. 5. Dudley, 64, officially retires March 31. He's been BP's CEO for nine years, having taken office shortly after the Deepwater Horizon disaster in April 2010.

"[Dudley] was appointed chief executive at probably the most challenging time in BP's history," BP Chairman Helge Lund said. "During his tenure, he has led the recovery from the Deepwater Horizon accident, rebuilt BP as a stronger, safer company and helped it re-earn its position as one of the leaders of the energy sector."

Dudley, 63, joined U.S. energy producer Amoco in 1979. The company merged with BP in 1998.

"I am enormously proud of all the things we have achieved together to provide energy for the world," Dudley added.

Looney's has run BP's upstream industry since 2016 and been a member of its executive management team since 2010. He joined BP in 1991 as a drilling engineer.