BP Chair Helge Lund to Step Down

On Friday, BP (LON: BP.) announced that its board of directors has begun the process of selecting a new Chair following Helge Lund’s decision to step down.

Helge Lund is expected to step down, “most likely during 2026.” In February, it was reported that activist investor Elliott Management had built a near 5% stake in BP and was pushing for big changes in order to boost its performance. 

Those changes are said to have included a big divestment program. 

BP’s search for Lund’s successor will be led by Dame Amanda Blanc, the company’s Senior Independent Director, with input from the wider board. The selected candidate will join the board ahead of taking on the role of Chair, ensuring a smooth transition before Lund’s departure.

“Having fundamentally reset our strategy, BP’s focus now is on delivering the strategy at pace, improving performance and growing shareholder value,” Lund said. “Now is the right time to start the process to find my successor and enable an orderly and seamless handover.”

Under Lund’s leadership, BP has undergone significant strategic changes, including a shift towards lower-carbon energy and improved financial performance. 

However, the company has now renewed its focus on oil and gas.

The board said it will continue to prioritise overseeing the company’s strategy execution during the transition period.

Amanda Blanc stated that BP is undertaking “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.”

Lund’s successor will be tasked with maintaining BP’s strategic direction while ensuring shareholder value and operational performance.