Particle.news
Download on the App Store
11 ARTICLES
·
last mo.

BP Chairman Helge Lund Announces 2026 Departure as Leadership Transition Begins

Lund's exit follows a strategic pivot back to oil and gas and growing shareholder pressure led by Elliott Management.

Lund made his name at Statoil and BG Group before becoming BP chairman in 2019
Image
Lund with Princess Michael of Kent for a state banquet at Buckingham Palace in 2019
Image

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.