BP announced today that its chair Helge Lund is to step down.
It comes after a turbulent time for the company, which has watered down renewable energy targets in favour of a continued focus on oil and gas production.
The company’s board of directors has initiated a succession process to select a new chair.
This process is being led by Amanda Blanc in her capacity as senior independent director.
BP said the successful candidate will join the board and work together with Lund to ensure an “orderly transition” ahead of taking on the role of chair, at which point Lund will step down from the board, most likely during 2026.
The company recently announced a new strategic direction that focuses less on renewables and more on oil and gas production.
BP said that while the succession process progresses, the board’s focus will remain on overseeing management’s delivery of the company’s 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.”
He added that he and the board are “committed to supporting” chief executive Murray Auchincloss and his team, and to overseeing BP’s delivery of its strategic and financial objectives.
Blanc said: “We are starting a comprehensive search to identify chair candidates with the credibility and relevant experience to lead the board and continue driving management’s safe execution of the reset strategy.”