BP will start looking for a new chair, as Helge Lund plans to leave his job around 2026. The company made this announcement under pressure from Elliott, a big money group that wants BP to change more. Elliott holds almost 5% of BP shares. Lund had backed the old plan from 2020 that wanted BP to make less oil and gas, cutting output by 40% this decade. This plan hurt BP's stock prices compared to other big oil companies like Shell and Exxon.
The company has already moved away from that plan bit by bit. Bernard Looney first created that strategy but left BP in 2023 after not telling anyone about his relationships with people at work. The new boss, Murray Auchincloss, said in February that BP would focus more on oil and gas again. Some people who hold BP shares, even those who care about climate issues, have talked about changing who runs the company. Elliott wants even bigger changes at BP than what has happened already.
Lund must be voted back into his job at the BP meeting on April 17. He said the time feels right to begin finding someone new to take his place. This will help make sure the switch happens smoothly. The person picked for the job will join the board and learn from Lund before taking over. When that happens, Lund will step away from the board completely, probably in 2026.
The company has already moved away from that plan bit by bit. Bernard Looney first created that strategy but left BP in 2023 after not telling anyone about his relationships with people at work. The new boss, Murray Auchincloss, said in February that BP would focus more on oil and gas again. Some people who hold BP shares, even those who care about climate issues, have talked about changing who runs the company. Elliott wants even bigger changes at BP than what has happened already.
Lund must be voted back into his job at the BP meeting on April 17. He said the time feels right to begin finding someone new to take his place. This will help make sure the switch happens smoothly. The person picked for the job will join the board and learn from Lund before taking over. When that happens, Lund will step away from the board completely, probably in 2026.
