The departure of BP (BP.) chief executive Bob Dudley is a blow for the company but not an unexpected one - hence why the shares are up 0.8% to 488.7p.
The positive market reaction suggests the market is quite pleased with the continuity approach of appointing an internal candidate - the head of its Upstream business Bernard Looney.
Despite a poor run of late for the stock, since Dudley took over on 1 October 2010, BP has achieved a total return of more than 60% as the company has returned to the dividend list and despite continuing volatility in the oil price.
Dudley will stand down following delivery of the company's 2019 full-year results on 4 February, and will retire on 31 March.
BP also announces that Lamar McKay, currently deputy CEO, will be appointed to the newly-created role of chief transition officer.
In that role, McKay will support the chairman and incoming CEO to ensure a full and orderly transfer of leadership.
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AJ Bell investment director Russ Mould says: ‘Oil major BP’s parting of the ways with chief executive Bob Dudley was not difficult to predict as he becomes the latest in a succession of FTSE 100 bosses to depart.
‘There had been whisperings he was preparing to step down after the best part of a decade in the driver’s seat.
‘The successful rescue act he has performed means the departure of US industry veteran might be a bit of wrench for the company and his shareholders.
‘If Dudley had to deal with a burst tyre, his successor Bernard Looney faces more of a slow puncture as he looks to reshape the business amid growing pressure on the industry from politicians and the investment community over its contribution to climate change.’
Cantor Fitzgerald says: ‘Dudley has led BP through perhaps the most challenging time in its history, with the business looking well positioned despite the troubled macro picture and changing energy landscape. A well-deserved retirement.’
