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3w ago

BP Chairman Helge Lund to Step Down Following Strategic Overhaul

Lund's departure, expected in 2026, follows shareholder pressure and BP's pivot back to fossil fuels under Elliott Management's influence.

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

  • Helge Lund, BP's chairman since 2019, has announced plans to step down, likely in 2026, as the company undergoes leadership changes.
  • The decision comes after activist investor Elliott Management took a nearly 5% stake in BP and pressed for strategic and leadership shifts.
  • BP recently abandoned its 2020 green energy strategy, cutting renewable investments by over $5 billion annually and increasing fossil fuel production.
  • The company's financial struggles, including a profit drop from $14 billion in 2023 to $8.9 billion in 2024, have fueled shareholder dissatisfaction.
  • Amanda Blanc, BP's senior independent director, is leading the search for Lund's successor to ensure a smooth leadership transition.