StockMarketWire.com - BP announced that Bob Dudley would retire as chief executive next year following 40 years at the oil major.

He would be replaced by Bernard Looney, the current head of the company's oil and gas, or 'upstream' division.

Dudley would stand down following delivery of the company's 2019 full-year results on 4 February, and would retire on 31 March, the company said.

BP also announced that Lamar McKay, currently deputy CEO, would be appointed to the newly-created role of chief transition officer.

In that role, McKay would support the chairman and incoming CEO to ensure a full and orderly transfer of leadership.

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