Overview

• Helge Lund has informed BP's board of his intention to step down as chairman, with his departure likely in 2026 after a successor is found.
• The decision comes as BP undergoes a major strategic reset, reducing renewable energy investments by 70% and increasing focus on fossil fuels.
• Activist investor Elliott Management, which holds a nearly 5% stake in BP, has pushed for leadership changes and a more aggressive strategy overhaul.
• Amanda Blanc, BP’s senior independent director, is leading the search for Lund’s replacement, aiming to ensure a seamless transition.
• BP's share price has fallen 25% over the past year, underperforming competitors like Shell and ExxonMobil, intensifying shareholder dissatisfaction.