UK supermajor BP is laying the groundwork for the departure of chief executive Bob Dudley within the next year, according to reports.
Sky News said in an exclusive report that BP has started preparations for the departure of Dudley, who has been at the helm since he took over from Tony Hayward almost a decade ago in the wake of the Deepwater Horizon disaster in the Gulf of Mexico.
Citing City sources, Sky News said Dudley, who turned 64 earlier this month, is understood to have had detailed discussions with BP chairman Helge Lund about his retirement plans.
The sources said an announcement was possible by the end of this year and could come when BP reports its third-quarter results by the end of October.
The report said it was unclear whether Dudley's successor would be announced at the same time as his departure.
Bernard Looney, the company's upstream chief executive, is widely regarded as a front runner to replace Dudley.
BP told Upstream the company does not comment on speculation.
