The Financial Times reported the move Tuesday, citing two people with knowledge of the decision.
Bernard Looney took over as CEO of BP in 2020 after previously leading the company's Upstream group. When the move was, board chair Helge Lund praised Looney as the right choice to lead BP into an era of energy transition.
The U.S.-traded shares of BP were up more than 2% on Tuesday afternoon, having added to their existing gains after the Financial Times report. Looney took over the role near the beginning of the Covid-19 pandemic, which led to a sharp sell-off for energy stocks, including BP. The U.S. traded shares of the company are roughly flat since January 2020.The company did not immediately respond to a request for comment.
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