BP announced Friday that Chair Helge Lund is being replaced after he notified the company’s board that he would step down in 2026. A succession search is underway. File photo by Adam Vaughn/ EPA-EFE
BP announced Friday that Chair Helge Lund is being replaced after he notified the company’s board that he would step down 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,” Helge said in a statement. Advertisement
In February BP CEO Murray Auchincloss vowed to “reset” the company in the wake of a profit plunge from $14 billion in 2023 to $8.9 billion in 2024.
The succession search to replace Helge is headed by Amanda Blanc, the BP board’s Senior Independent Director.
“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.
The steep drop in profits triggered activist hedge fund Elliott Investment Management to push for a leadership overhaul at BP.
Among the changes in the wake of the profit decline was a decision to cut renewable energy projects and instead increase oil and gas production. Advertisement
“It is intended that the successful candidate will join the board and work together with Helge to ensure an orderly transition ahead of taking on the role of Chair, at which point Helge will step down from the board, most likely during 2026,” BP said.
