BP CEO Bernard Looney ‘will resign less than four years into the job’
BP’s CEO Bernard Looney is reportedly set to resign before completing four years in the position.
Looney, 53, took office in February 2020 with a commitment to transform the 114-year-old company, outlining ambitious goals for BP to achieve zero net emissions by 2050 and make significant investments in renewable and low-carbon power.
When approached, a spokesperson for BP declined to comment on the Financial Times report.
Looney has successfully navigated the company through challenging times, including the impact of COVID-19, the swift exit from Russia following the invasion of Ukraine, an energy price shock, and a global cost of living crisis.
However, earlier this year, BP revised its plans to reduce hydrocarbon production by 2030, scaling it down to 25% from 2019 levels, compared to the previous target of 40%.
Bernard Looney, 53, took office in February 2020 with a vow to reinvent the 114-year-old company
Over the past three years, BP’s shares have underperformed compared to European rival Shell, as well as U.S. peers Chevron and Exxon Mobil.
Looney succeeded Bob Dudley, who led BP through the aftermath of the Deepwater Horizon spill in 2010.
BP’s shares rose by 1% before the report, which was published after trading hours in London. (Reporting by Anirudh Saligrama in Bengaluru and Shadia Nasralla in London; Editing by Krishna Chandra Eluri and Marguerita Choy)
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