Reuters| London | United Kingdom
BP PLC: * BP CEO DUDLEY TO RETIRE, BERNARD LOONEY SUCCEEDS
* BP CHIEF EXECUTIVE BOB DUDLEY TO RETIRE, TO BE SUCCEEDED BY BERNARD LOONEY * BOARD IS ALSO PLEASED TO ANNOUNCE THAT BERNARD LOONEY, 49, CURRENTLY CHIEF EXECUTIVE, UPSTREAM, WILL SUCCEED DUDLEY
* LAMAR MCKAY, CURRENTLY DEPUTY GROUP CHIEF EXECUTIVE, HAS AGREED TO SERVE AS CHIEF TRANSITION OFFICER * BOB DUDLEY DECIDED TO STEP DOWN AS CHIEF EXECUTIVE AND FROM BP BOARD FOLLOWING DELIVERY OF COMPANY'S 2019 FULL YEAR RESULTS ON 4 FEB 2020
* DUDLEY WILL RETIRE ON 31 MARCH 2020. * MCKAY WILL SUPPORT CHAIRMAN AND INCOMING GROUP CHIEF EXECUTIVE TO ENSURE A FULL AND ORDERLY TRANSFER OF LEADERSHIP
* DUDLEY'S SERVICE CONTRACT PROVIDES FOR A 12 MONTHS' NOTICE PERIOD AND NOTICE COMMENCED ON 4 OCTOBER * DUDLEY WILL BE ELIGIBLE FOR AN ANNUAL BONUS FOR 2019 FINANCIAL YEAR IN NORMAL WAY
* BOB DUDLEY DECIDED TO STEP DOWN AS GROUP CHIEF EXECUTIVE AND FROM BP BOARD FOLLOWING DELIVERY OF COMPANY'S 2019 FULL YEAR RESULTS ON FEB 4 2020 * LOONEY'S REMUNERATION PACKAGE INCLUDES ANNUAL SALARY OF £1.3 MILLION
* LOONEY WILL BE ENTITLED TO A CASH ALLOWANCE IN LIEU OF PENSION EQUAL TO 15 PER CENT OF BASE SALARY * BERNARD LOONEY, 49, CURRENTLY CHIEF EXECUTIVE, UPSTREAM, WILL SUCCEED DUDLEY AS GROUP CHIEF EXECUTIVE AND JOIN BP BOARD ON 5 FEBRUARY 2020 Source text for Eikon: Further company coverage:
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