BP Chair Helge Lund intends to step down "likely during 2026" and the process to pick his successor has started, BP said on Friday amid a campaign by activist hedge fund Elliott for more change at the company.
Lund had backed BP's 2020 strategy to move its focus away from oil and gas, including an ambition to cut its hydrocarbon output by 40% this decade, a plan that saw BP's shares underperform its peers such as Shell or Exxon.
Following gradual steps away from that strategy - devised by then-CEO Bernard Looney, who left BP in 2023 after it emerged he had not disclosed relationships with colleagues - new Chief Murray Auchincloss in February announced a renewed focus on oil and gas.
Elliott Management, which has built a near 5% stake in BP according to sources, wants even more change, and some shareholders, including more climate-focused ones, have discussed potential leadership changes. Lund stands for re-election at BP's April 17 annual shareholder meeting.
"Now is the right time to start the process to find my successor and enable an orderly and seamless handover," Reuters quoted Lund as saying in a statement.
The successful candidate will join the board and work with Lund ahead of taking on the role, at which point Lund will step down from the board, most likely in 2026, BP said.
BP Chair Helge Lund to Step Down
FILE PHOTO: FILE PHOTO: BP Chairman Helge Lund speaks during an interview with Reuters at BP's headquarters in London, Britain, June 25, 2019. REUTERS/Dylan Martinez/File Photo/File Photo
BP Chair Helge Lund to Step Down
FILE PHOTO: FILE PHOTO: BP Chairman Helge Lund speaks during an interview with Reuters at BP's headquarters in London, Britain, June 25, 2019. REUTERS/Dylan Martinez/File Photo/File Photo
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