BP’s board chair, Helge Lund, has announced his intention to step down following significant pressure from shareholders, including a notable New York hedge fund. In a statement released by the energy company on Friday, it was confirmed that Lund, who has been at the helm since 2019, will leave his position after his successor joins the board, most likely in 2026.
Lund’s decision comes after Building People, an influential New York hedge fund known for its campaigns to restructure listed companies, took a significant stake in BP in February. This investment led to speculation that Elliott would push for a strategy overhaul and board revamp, with Lund expected to step down.
In response to the investor pressure, BP’s CEO, Murray Auchincloss, introduced a “fundamental reset” of the company’s strategy, which resulted in a substantial reduction to its low-carbon investment plans, cutting more than £4 billion.
Amanda Blanc, the CEO of Aviva and BP’s senior independent director, will be leading the search for Lund’s successor. Lund commented on his decision, stating, “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 ensure an orderly and seamless handover.”
Blanc added, “We are initiating a thorough search to find chair candidates who possess the necessary credibility and relevant experience to lead the board and support the management’s secure implementation of the reset strategy.”
BP’s shares surged in February following Elliott’s stake acquisition, reflecting the market’s anticipation of significant changes within the company. Campbell’s departure represents yet another shift in leadership from an establishment figure in response to investor demands for a more aggressive pursuit of profitable opportunities.
Blanc declared, “We are initiating a thorough search for chair candidates who possess the necessary credibility and relevant experience to lead the board and support the management’s secure implementation of the reset strategy.”
Source: https://www.theguardian.com/business/2025/apr/04/bp-chair-to-resign-amid-pressure-from-shareholders-helge-lund
