British oil and gasoline company BP (British Petroleum) signage is being pictured in Warsaw, Poland, on July 29, 2024.
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British oil major BP on Friday said its chair Helge Lund will soon step down, kickstarting a succession process shortly after the company launched a fundamental strategic reset.
“Having fundamentally reset our strategy, bp’s focus now is on delivering the strategy at pace, improving performance and growing shareholder value,” Lund said in a statement.
“Now is the right time to start the process to find my successor and enable an orderly and seamless handover,” he added.
BP CEO Murray Auchincloss, who took the helm on a permanent basis in January last year, is under significant pressure to reassure investors that the company is on the right track to improve its financial performance.
In February, the beleaguered energy giant announced plans to ramp up annual oil and gas investment to $10 billion through 2027 as part of its new direction.
Lund is expected to step down in 2026. BP said the succession process will be led by Amanda Blanc in her capacity as senior independent director.
Shares of the London-listed company are up around 2% year-to-date.
