BP announced on Thursday that its chairman, Helge Lund, will step down after a period of significant transformation for the company. This move follows a shift in BP’s strategic direction, which has seen the company scale back its renewable energy ambitions in favor of a continued focus on oil and gas production.
The company’s board of directors has initiated a succession process, which will be led by Amanda Blanc, the senior independent director. BP said that the successful candidate will join the board and collaborate with Lund to ensure a smooth transition before assuming the role of chair, likely in 2026.
“Having fundamentally reset our strategy, BP’s focus now is on delivering the strategy at pace, improving performance, and growing shareholder value. Now is the right time to start the process to find my successor and enable an orderly and seamless handover,” Lund said in a statement.
In recent months, BP’s strategic shift has been marked by a downscaling of its renewable energy targets. Instead, the company has emphasized its commitment to expanding oil and gas production, with the board maintaining that its immediate priority remains overseeing the management’s execution of this new strategy.
While the search for a new chair progresses, the company emphasized that the board’s main focus will be to ensure the successful implementation of the updated strategy. “We are starting 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,” Blanc said.
BP’s commitment to its newly outlined strategy is evident in the company’s continued support for CEO Murray Auchincloss and his team. The board remains dedicated to guiding BP toward achieving its long-term strategic and financial goals.
The succession process marks a key moment in BP’s ongoing transformation, as the company navigates its evolving role in the energy industry.
