Overview

• Helge Lund, BP's chairman since 2019, has announced plans to step down, likely in 2026, as the company undergoes a leadership transition.
• The decision comes after pressure from activist investor Elliott Management, which has pushed for leadership changes and a stronger focus on profitability.
• BP recently shifted its strategy to prioritize oil and gas investments, cutting renewable energy spending by over 70% annually.
• Amanda Blanc, BP’s senior independent director and Aviva CEO, is leading the search for Lund’s successor to ensure a seamless transition.
• BP plans to sell $20 billion in assets by 2027 as part of its strategic reset, which aims to improve performance and shareholder value.