Wires

BRIEF-BP Says Bernard Looney To Succeed Bob Dudley As CEO

Oct 4 (Reuters) - 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: