LONDON (AP) – Energy firm BP announced Thursday that Carl-Henric Svanberg, the chairman who presided over the company during the Deepwater Horizon spill, has decided to retire.
Svanberg took the post in April 2010 — just months before the disaster, which killed 11 people and led to an environmental catastrophe in the Gulf of Mexico.READ MORE: FDA Authorizes COVID-19 Booster Shots From Moderna, Johnson & Johnson
“The first couple of years were incredibly challenging for us all as we navigated an unusually complex corporate crisis,” Svanberg said in a statement. “Through that turbulent period we stayed focused on saving and restoring the company. Today I can say with confidence that BP is back and ready for the future.”
Svanberg will preside over the next annual general meeting in May and remain in position until a successor is chosen.
BP’s current CEO, Bob Dudley, credited Svanberg with the company’s comeback from the brink following the disaster, from which it is still recovering.READ MORE: DFW Nonprofits To Start Holiday Drives Early Due To Supply Chain Concerns
“Together we were able to honor our commitments to the Gulf while rebuilding BP into a safer, stronger company,” Dudley said in statement. “We devised a strategy to weather the downturn in the oil market while returning to growth. And we committed to playing a leading role in the energy transition while delivering oil and gas more efficiently.”
The oil spill has cost the company dearly, with some $63.2 billion in costs related to the accident. The spill leaked more than 3 million barrels into the Gulf in 2010.
More recently, oil companies like BP have been cutting costs and selling assets after oil prices plunged to 12-year lows in January of 2016. Brent crude, the international benchmark, averaged about $44 a barrel last year, down from more than $100 as recently as September 2014.
Brent traded at $57.48 a barrel on Thursday in London.MORE NEWS: Arlington Police Officer Shoots, Kills Suspect Who Allegedly 'Drove Directly Towards Officer'
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