Bringing the decade long journey as a leader of BP at halt, Bob Dudley may step down from his role of CEO next year and make way for a new head for business. As per the report, Dudley’s retirement plans were discussed at BP’s board meeting in the United States last week, however the final date has not been decided yet. 

The preparations for Dudley’s exit from the has been accelerated after Helge Lund became BP chairman in January 2019 with a mandate to oversee succession plans.

Chief Financial Officer Brian Gilvary and Bernard Looney, Head of oil and gas production, have been identified as leading candidates. However, there is not much clarity regarding Dudley’s successor yet. The British multinational oil and gas company could announce Dudley’s decision to step down by the end of this year but it is not clear whether it could make an announcement about Dudley’s successor at the same time.

Dudley has led BP through crisis and has brought it back to a growth phase. When a collapse in oil prices in 2014 forced the entire industry into deep cuts, Dudley had to navigate near bankruptcy, a vast asset disposal to pay for over $60 Bn in litigation and clean-up costs followed by a landmark settlement with U.S authorities.

Dudley was responsible for a recovery in the company’s operations and a rapid expansion of its production, including a $10.5 Bn acquisition of U.S. shale assets, its largest such deal in 30 years. Further, he also spearheaded BP’s efforts to address growing investor pressure to meet targets under the 2015 Paris Climate Agreement to fight climate change by investing in renewable energy and reducing BP’s carbon emissions.

The leadership team at BP now has to look for someone who is able to sustain and scale the growth and business that Dudley managed to swung from near collapse in 2010 to rapid growth today, in his almost 10 years of service as CEO. 

Image credits:  BP