BP Chair Lund to Step Down Amid Strategy Shift

BP has announced that its chairman, Helge Lund, will step down, likely in 2026, and the company has initiated the search for his successor with the support of the board. This decision comes amidst pressure from Elliott Investment Management, a hedge fund advocating for more change at BP. The succession process will be led by senior independent director Dame Amanda Blanc. Lund, who supported a shift towards renewable energy in BP's 2020 strategy, leaves as BP pivots back to increasing investments in oil and gas, intending to raise fossil fuel production significantly by 2030. The company plans to increase its oil and gas investment to $10 billion annually, while reducing its investment in energy transition projects. BP's stock dropped following the announcement of Lund's departure.