BP share price edges higher after naming Bernard Looney as next CEO

The oil and gas major announced Bob Dudley’s successor on Friday, with the head of upstream Bernard Looney taking the helm after the company’s full-year results in February 2020.

BP has named head of upstream Bernard Looney its next CEO on Friday. He will take the helm after Bob Dudley retires next year, with the hand over set for February 2020 when the oil and gas major unveils its full-year results.

Following the announcement, BP saw its share price edge higher, climbing 1.9% as of 14:20 GMT on Friday to 494p.

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Looney to lead BP’s energy transition

Looney successfully led BP’s oil and gas production back in 2016 at a time when the industry was still reeling from the collapse in oil prices two years prior.

When he takes over as CEO next year, Looney will need to navigate the company through its energy transition, with BP’s chairman Helge Lund believing he has all the right qualities to get the business through this transformational era.

‘He has deep experience in the energy sector, has risen through the ranks of BP, and has consistently delivered strong safety, operational and financial performance,’ Lund said.

‘He is an authentic, progressive leader, with a passion for purpose and people and a clear sense of what BP must do to thrive through the energy transition.’

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