BP Chair to resign between the pressure of shareholders | BP

BP said that his chair, Helge Lund, will resign after the oil company has undergone significant pressure from the shareholders, including a powerful New York Hedge Fund.

The Energy Company declared Friday that Lund, who chaired the activity since 2019, would have been replaced. He will resign after his successor joined the Council, with Lund “most likely” who left in 2026.

BP actions jumped in February when Elliott emerged, a fear Hedge Fund from New York known for his attempts to shake the listed companies, had taken a participation. Analysts expected that he pushed for a revision of the BP strategy, together with a renewal of his card, with Lund seen as a probability of starting.

His CEO, Murray Auchincloss, announced a “Fundamental restoration” Of the BP strategy weeks later, leading to a cut of over £ 4 billion to its investment plans at low carbon emissions.

Amanda Blanc, head of Aviva and Senior Independent Director of BP, will lead the search for Lund’s successor.

Lund said: “Having substantially restored our strategy, the BP focus is now to provide the strategy to the rhythm, improve performance and the growing value for shareholders.

“Now is the right time to start the process to find my successor and allow an orderly and seamless delivery.”

Blanc said: “We are starting a complete research to identify candidates in the presidency with the credibility and experience relevant to guide the Council and continue to guide the safe execution by the direction of the restoration strategy”.