4th Apr 2025 08:44
(Alliance News) - BP PLC on Friday said Chair Helge Lund will step down, likely in 2026, only weeks after the oil major changed course on strategy, pivoting away from green energy.
London-based BP said it has initiated a succession process to select a new chair to replace Lund, who has held the post since 2019.
Aviva Chief Executive Amanda Blanc will lead the succession process in her capacity as senior independent director at BP.
"It is intended that the successful candidate will join the board and work together with Helge to ensure an orderly transition ahead of taking on the role of chair, at which point Helge will step down from the board, most likely during 2026," BP said in a statement.
BP said that, whilst the succession process progresses, the board's focus will remain on overseeing management's delivery of the "new strategy and this will continue to be their key priority under the new chair."
Lund said: "Having fundamentally reset our strategy, BP's focus now is on delivering the strategy at pace, improving performance and growing shareholder value. Now is the right time to start the process to find my successor and enable an orderly and seamless handover."
Blanc said BP would identify candidates with the "credibility and relevant experience" to lead drive the reset strategy.
In February, BP signalled a change in course, ditching a strategy to reinvent itself as a green energy company.
The shift followed news that activist investor Elliott Management had built a near 5% stake in the company and was pushing for sweeping changes after a long a period of underperformance.
Shares in BP were down 2.1% at 392.20 pence each in London on Friday. They are down 23% in the past 12 months.
By Jeremy Cutler, Alliance News reporter
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