UK oil major British Petroleum (BP) is planning to announce that its chief executive, Bob Dudley, is planning to retire in approximately 12 months, Sky News reported.
Dudley has led the oil major for 10 years, and led it through the Deepwater Horizon disaster in 2010 and the oil price crash in 2014.
Sky News reported that he has had discussions with BP Chairman Helge Lund at length about retiring. The announcement could come by the end of the year, Sky said, citing anonymous sources, or at the end of October, when BP reports its third-quarter results.
The company could see Bernard Looney, its upstream chief executive, ascend to the position, or CFO Brian Gilvary. Sky reported that Lund is expected to have already been assessing outside candidates for the position.