BP’s Chief Executive Officer Looney to Resign
BP, one of the world’s largest oil and gas companies, is set to experience a major change in leadership. According to a report from the Financial Times, BP’s Chief Executive Officer Bernard Looney will be resigning from his position.
Background of Bernard Looney
Bernard Looney has been the Chief Executive Officer of BP since February 2020. Prior to his role as CEO, Looney had been with BP for over two decades, having joined the company in 1999. During his time with BP, Looney held a variety of positions, including Chief Operating Officer of Upstream, Chief Executive Officer of Production and Chief Executive Officer of Exploration and Production.
BP’s Plan to Transition to Renewable Energy
Looney’s resignation comes at a time when BP is transitioning to become a more sustainable energy company. In February 2020, Looney announced BP’s plan to become a net-zero emissions company by 2050. This plan included a commitment to reduce BP’s oil and gas production by 40% by 2030 and to invest $5 billion a year in renewable energy sources.
BP’s Response to Looney’s Resignation
In response to Looney’s resignation, BP released a statement saying that they are “saddened” by the news and that they are “grateful for Bernard’s leadership and commitment to BP over the past two decades.” The statement also said that BP is “committed to continuing the transformation journey that Bernard has set in motion.”
Who Will Replace Looney?
It is unclear who will replace Looney as the Chief Executive Officer of BP. However, the Financial Times report suggests that BP’s current Chief Financial Officer, Brian Gilvary, is a likely candidate. Gilvary has been with BP since 2002 and has held a variety of positions, including Chief Executive Officer of Upstream and Chief Executive Officer of Exploration and Production.
Impact of Looney’s Resignation
Looney’s resignation is likely to have a significant impact on BP’s future. Looney was instrumental in leading BP’s transition to renewable energy and his departure could put this transition in jeopardy. It is also unclear how the company will be affected by the change in leadership.
Conclusion
BP’s Chief Executive Officer Bernard Looney is set to resign from his position. This comes at a time when BP is transitioning to become a more sustainable energy company. It is unclear who will replace Looney as the Chief Executive Officer of BP, but the Financial Times report suggests that BP’s current Chief Financial Officer, Brian Gilvary, is a likely candidate. Looney’s resignation is likely to have a significant impact on BP’s future and it remains to be seen how the company will be affected by the change in leadership.